In a breakthrough agreement, global insurance broker Willis Group Holdings Limited, announced that it has received written approval from the China Insurance Regulatory Commission (CIRC) to increase its ownership interests in Willis Pudong Insurance Brokers Co., Ltd. to 51 percent.
“Willis is the first international insurance broker to be granted permission to hold a majority share in a fully licensed broking operation in China,” said the bulletin.
Willis previously received permission in March 2004 to purchase a 50 percent share in Pudong Insurance Brokers, a 100 percent Chinese owned insurance broker, and to change the name to Willis Pudong Insurance Brokers Co., Ltd.
On August 23, 2004, the CIRC granted Willis Pudong a broking license allowing the joint venture to engage in insurance and reinsurance broking activities throughout the People’s Republic of China.
“Increasing our interests in Willis Pudong underscores our commitment to building our business in this vibrant and growing market,” stated Chairman and CEO Joe Plumeri. “It is a country rich in culture and tradition and we are pleased to be in a leadership position.”
“The scope of our license covers the whole of the People’s Republic of China and includes both insurance and reinsurance broking for commercial risks,” Plumeri continued. “With 19 licensed branch offices located throughout the country, we are the only fully licensed international insurance broker who can offer global resources to clients from local offices throughout the PRC.”