Global insurance broker Willis Group Holdings has received final approval and certification from the China Insurance Regulatory Commission (CIRC), for its joint venture operation, Willis Pudong Insurance Brokers Co., Ltd., to engage in insurance and reinsurance broking activities throughout the People’s Republic of China.
The CIRC gave Willis the go ahead last March to purchase a 50 percent share in Pudong Insurance Brokers, which is 100 percent Chinese owned, and to change the name to Willis Pudong Insurance Brokers Co., Ltd. Subsequent to that approval Willis Group executed the necessary Equity Transfer Agreements, Shareholders Agreement and new Articles of Association, and received the requisite broking license on August 6, 2004.
“The scope of the licence covers the whole of the People’s Republic of China and includes both insurance and reinsurance broking for commercial risks including, but not limited to, the marine, aviation and transportation sectors, for both domestic and foreign enterprises,” said the company’s announcement.
Willis Chairman and CEO Joe Plumeri commented: “Our 50 percent share in Willis Pudong Insurance Brokers Co., Ltd. puts us in an unique position in the China market. We are one of only two international insurance brokers to have been awarded a broking licence in the PRC.
“In addition, we are the only fully licenced international insurance broker able to offer a truly local service to our clients through our network of 23 offices located throughout the PRC. Fourteen of those offices have full branch licence status and are able to transact insurance locally.
“With a combined staff of over 160 professionals based in China who will call upon the assistance of their colleagues from Willis’ international network and specialty resources, Willis Pudong Insurance Brokers Co., Ltd. represents the best combination of international expertise with local knowledge and delivery. This combination will allow us to provide our clients with a level of service, placement ability and industry expertise that cannot be matched.”