Specialist UK insurance and reinsurance company, Lloyd's, plans to double its premiums in it's China platforms to 900 million yuan in 2015 due to the country's market potential.

Lloyd's opened a branch office in Beijing on March 16. Under the new branch license, it will be able to provide non-life insurance and reinsurance services within the Beijing Municipal Administrative region.

Lloyd's also announced the appointment of Chen Songlin, as General Manager of the Beijing branch.

"The new office will allow us to operate more closely with the Chinese insurance industry in Beijing," said Lloyd's Chairman John Nelson. "Beijing accounts for 70 percent of our business in China."

He said the premiums in China's platform has been growing very fast from a very small base, having reached 450 million yuan at present. Nelson says he views China as the single largest long-term growth opportunity for Lloyd's.

Lloyd's created a hub in Shanghai in 2007. The Lloyd's China platform is growing in strength and size and the number of syndicates on the platform has grown from four to 22 today.

The kinds of business Lloyd's are engaged in include catastrophe, marine, aviation, energy, construction insurance and new emerging specialist insurances such as supply-chain, cyber and reputation.

"We aim to bring these lines into the Chinese market," he added.

"Insurance penetration by the specialist products is very important to the Chinese economy as businesses need risk mitigation, so our business hopefully will grow. We are here really to complement the domestic Chinese insurance business," Nelson said, adding they are working closely with Chinese carriers to develop new products which they can reinsure.

Lloyd's also expects to increase their footprint in South America, including Mexico, Columbia, Brazil, Chile, Peru, and countries in Asia, such as Turkey, United Arab Emirates, Singapore and Malaysia.