Lloyd's of London, Britain's 325-year-old insurance and reinsurance market, has unveiled a plan to substantially promote its business growth in emerging markets including India, China and Brazil.
The strategy, called Vision 2025, was launched Friday in the Lloyd's underwriting room at a ceremony attended by British Prime Minister David Cameron, and will see Lloyd's stress on the 'faster growing markets,' reported Xinhua.
"What we are trying to set out is a high-level strategy. With the growth in economies such as China and India, we need to attract capital and business from those economies. This is not something that is going to happen overnight," said Lloyd's CEO Richard Ward.
Ward cited Lloyd's insurer Catlin's recent deal with China Reinsurance as an example.
In November 2011, Catlin struck a deal to manage a new syndicate at Lloyd's of London on behalf of China Reinsurance, the largest reinsurer in the country. The deal marks the first time that a Chinese company has invested money directly at Lloyd's market.
Cameron expressed his support for the strategy.
"I welcome the drive and ambition with which Lloyd's is pursuing plans for where it wants to be in 2025. This is a great example of the bold and dynamic approach we need as we work to foster sustainable economic growth across the country," he said.