Lloyd's plans mainland expansion

Lloyd's plans to expand its mainland reinsurance business as domestic insurers face massive payouts arising from natural disasters such as the snowstorms that struck China in February, the South China Morning Post reported. In an interview with the paper, Lloyd's chairman Lord Peter Levene said that reinsurance will be the firm's focus for now in China, though it may at some point offer general insurance services. He noted that few domestic companies were providing reinsurance, as the concept is still new in China. China Reinsurance (Group) is the mainland's leading reinsurer, though foreign players Munich Re and Swiss Re are licensed to operate in China. Lloyd's was allowed to set up a wholly owned company in Shanghai last year.