China Taiping Insurance Group Ltd (China Taiping) has signed a Memorandum of Understanding (MoU) with Lloyd's on 21 Oct 2015.
The MoU was signed by Lloyd's Chairman Mr John Nelson and Mr Wang Bin, Chairman of China Taiping during his visit to Lloyd's to coincide with President Xi Jinping's State visit to the United Kingdom.
According to the MoU, China Taiping and Lloyd's will commit to achieve complementary and collaborative development of Chinese and global insurance markets. Lloyd's will help China Taiping to expand its global business network by supporting Taiping Reinsurance Company's initiative to become a member of Lloyd's and establish a Lloyd's syndicate as well as Taiping Reinsurance Brokers Ltd's initiative to become a Lloyd's registered broker. China Taiping will support Lloyd's in developing and expanding its business with Chinese interests. The two parties will also commit to sharing knowledge and expertise and cooperating on training and talent development.