Global brokerage Willis Group Holdings announced that it has received approval from the China Insurance Regulatory Commission to complete the purchase of a 50 percent equity stake in Shanghai Pudong Insurance Brokers Ltd., a leading Chinese brokerage licensed to transact both insurance and reinsurance, life and nonlife, for domestic and foreign clients throughout the People’s Republic of China.
It currently has 10 branch offices and 13 sales offices throughout the country and employs 150 people. Upon completion of the equity purchase both parties intend to change the name to Willis Pudong Insurance Brokers Ltd, headquartered in Shanghai, PRC.
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