Validus expands in China

The group also announced that it has appointed Ellie Zhou as underwriting manager for Greater China. Ms Zhou’s job is to support the Validus Group’s existing Chinese customers and expand the firm’s business in the region.

Ms Zhou has 20 years’ experience in the Chinese insurance market and joins Validus from China Continent P&C Insurance Co, where she served as assistant general manager.

She previously held similar underwriting and claims management positions at LIG Insurance (China) Co and Ping An Property & Casualty Insurance Company.

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Ed Noonan, chairman and chief executive officer of Validus, commented: “Ellie Zhou’s expertise and knowledge of the Chinese market will be invaluable as we continue to expand our operations in Asia. The Validus Group is committed to the Chinese market and [we] look forward to working more closely with clients to provide bespoke solutions for their growing reinsurance needs.”

Ms Zhou said: “I am thrilled to be joining the Validus Group in China. We are at an inflection point in the development of the local re/insurance market and I look forward to working closely with our clients in the region as we grow our footprint.”

The Validus Group currently writes Chinese business via its London and Singapore offices. Talbot and its reinsurance operation Validus Re both have offices in Singapore.

Talbot will expand its Chinese business by joining the Lloyd’s China platform, a wholly owned subsidiary of Lloyd’s that is licensed to operate non-life insurance and reinsurance businesses in China.

Lloyd’s Reinsurance Company (China) was approved to commence reinsurance business operations by the China Insurance Regulatory Commission (CIRC) back in March 2007.

In May 2010, CIRC extended Lloyd’s China’s licence to include non-life direct insurance in the Shanghai region.

The extended licence became operational in September 2011. Reinsurance continues to form the majority of business written by Lloyd’s China under the expanded licence. But Lloyd’s explains that the extended licence allows the market greater access to Chinese businesses and is an important long term development for Lloyd’s’ presence in China.

In February 2015, Lloyd’s China’s Beijing branch was officially opened. Under the new branch licence, Lloyd’s China is able to extend non-life insurance businesses to the Beijing Municipal Administrative region.