Lloyd’s is to set up a new Chinese onshore reinsurance operation in Shanghai. The City was chosen because of its status as a growing commercial and financial centre in China. Lloyd’s will also keep its representative office in Beijing to maintain the strong relationships the market has developed there.

The new company – Lloyd’s Reinsurance Company (China) Ltd - will give Chinese insurers full access to the Lloyd’s market, enabling its underwriters to support the development of the local market and the Chinese economy. Lloyd’s chairman, Lord Levene, said: “Our operation there will complement the work of our existing office in Beijing, which has been building strong relationships in China for six years. We look forward to continuing our work with the Chinese authorities to get the new operation up and running in the autumn.”