Lloyd's of London, a major market in the global insurance industry, plans to establish a Chinese operation by year's end, Chairman Peter Levene said.

Lloyd's, a London-based market of more than 60 underwriting syndicates that sell property and casualty policies to corporations with large and specialized risks, is setting up in China after authorities there awarded it a reinsurance licence 10 months ago.

"We have the licence and are looking at having operations by the end of the year", Levene said.

Lloyd's, which is already doing business with China from outside, was given the green light after years of lobbying to do business from within the country. It has said its Chinese business could one day rival the business it now does in the United States.

Source:佚名