Media
Lloyd’s appoints Xchanging in support of its China reinsurance business
12 Apr 2007
LONDON, 12 April 2007 – Xchanging, the business processing services company, has completed the delivery of a full insurance processing solution to Lloyd’s Reinsurance China Company Limited (LRCCL). Xchanging’s proven global insurance solution, Genius, handles all aspects of LRCCL’s reinsurance business in English and Mandarin. This implementation, completed within a challenging three month timeframe, was a key requirement for regulatory authorisation in China. The appointment represents Xchanging’s first business win in China, one of the world’s fastest growing insurance markets.
For Lloyd’s in China, the Genius system supports all types of insurance business, including underwriting, claims, accounts, retrocession and regulatory reporting. Retrocession to syndicates in London is effected through treaties between LRCCL and those syndicates. LRCCL allows supporting syndicates in the Lloyd’s market to access local currency business in China.
Ian Faragher, Chairman of Lloyd's operation in China, said, “Our reinsurance operation in China gives Lloyd’s an important foothold in one of the world’s fastest growing economies. We wanted to ensure that it operated as efficiently as possible, using the right technology in the right way. The Genius solution provides every level of functionality and flexibility we need to meet our operating requirements.”
David Andrews, Chief Executive Officer at Xchanging, said, “Lloyd’s is one of the few truly global brand names. We are therefore absolutely delighted to have been appointed to support its new reinsurance business in China. This is our inaugural business win in the Chinese Market, and we look forward to building on this as part of our commitment to the Asia-Pacific region.”
Notes to Editors
Media Contact - Xchanging
Ross Gow
Cubitt Consulting
DL: +44 20 7367 5104
Office: +44 20 7367 5100
Mobile: (0)7778 755 251
Media Contact – Lloyd’s
Steve Farrance
Media Relations Executive
Lloyd's Worldwide Markets
Direct Line: +44 (0)20 7327 6096
Email: Steve.Farrance@lloyds.com
About Lloyd’s
Lloyd's is the world's leading specialist insurance market with a capacity to accept insurance premiums of 16 billion in 2007. It occupies sixth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2007, 66 syndicates are underwriting insurance at Lloyd's, covering all classes of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Financial Service Authority.
About Xchanging
Founded in 1999, Xchanging aims to be the pre-eminent global business processing services company for a wide range of back office functions. Xchanging both culturally and operationally reinvents its customers’ non-core activities. Its unique enterprise partnership model aims to turn cost centres into profit making businesses. With customers in 34 countries in insurance, financial services, manufacturing and retail, and over 3,800 employees, Xchanging operates in 7 countries.
About Genius
Genius is an end-to-end property and casualty solution that provides integrated and comprehensive outwards reinsurance capabilities for both premiums and claims. It is a multi-language, -currency, -region and -regulatory system, which caters for both treaty and facultative reinsurance arrangements and for both proportional and non-proportional covers.
Xchanging is backed by General Atlantic LLC, a leading global private equity firm, providing capital for growth companies driven by information technology or intellectual property. Founded in 1980, General Atlantic manages approximately US$ 12 billion and has $5 billion in evergreen capital available to invest in growth, recapitalisation and buy-out opportunities worldwide. GA combines its global approach and long-term investment horizon to partner actively with management in building outstanding companies.