NU Online News Service, May 19, 3:00 p.m. EDT
Lloyd's China received approval to write direct insurance in China, Lloyd's announced on its website.
The China Insurance Regulatory Commission (CIRC) granted the license, the company said, and Lloyd's chairman, Lord Peter Levene, made the announcement at the United Kingdom Pavilion at the World Expo in Shanghai.
Lord Levene said, "This is a very significant development for both Lloyd's and the Chinese insurance market. We are most grateful to the CIRC for their help and to the Shanghai Municipal Government. This will be a further important building block in the development of Shanghai as a major international financial and maritime centre."
Lloyd's China already has a reinsurance license, the company said.
A Lloyd's representative said no further information was available at this time.
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