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Nov 2014 China Re has obtained the approval to start underwriting risks for the Lloyd's of London, thus becoming the first state-owned reinsurer to own a syndicate at Lloyd's.
The management of China Re Syndicate has been delegated to Catlin Group. The new syndicate shall underwrite businesses for about 188 million USD in 2015, according to a statement of the Bermudian company.
This approval is a new step for the Lloyd's expansion strategy on the developing markets and its Vision 2025 plan.
China Re's arrival thus should provide Lloyd's with new businesses and a better understanding of risks in the Chinese market.