WTW Launches Insurance Brokerage Service in Japan

October 29, 2024

WTW announced the expansion of its Corporate Risk & Broking (CRB) business in Japan with the launch of an insurance brokerage service.

The new service will offer insurance solutions to commercial clients, as well as wholesale facultative reinsurance placement services to partner brokers or agencies in Japan under the entity, WTW Broker Japan Co. Ltd.

Headed by Tetsuro Nakazawa, representative director and chief operating officer, WTW Broker Japan, the new retail brokerage operation will consist of over 10 brokers and risk advisors by the beginning of next year.

Tetsuro Nakazawa recently joined WTW and brings with him 25-years of insurance industry experience in Japan, Singapore and London. He previously worked at Gallagher in Japan for a year and a half, and prior to that, he spent just over 22 years with Marsh.

An industry veteran in facultative reinsurance broking, Tetsuro Nakazawa has dedicated himself to property and facultative reinsurance placements for large and complex Japanese corporate risks, having worked at leading international broking companies with agency and broking operations in the past.

“Japan’s corporate insurance market is undergoing a phase of transformation, and the role of independent international brokers is expected to grow in importance,” said Nakazawa.

“WTW Broker Japan is positioned to work with corporate clients and insurance partners or agencies to support companies in securing insurance and fac reinsurance for complex risks. I am confident that our new broking business, armed with our group of specialists, can draw on the experience of our brokers and risk advisors globally, as well as our extensive network internationally to ensure that our clients and partners get the right insurance cover,” he added.

“We’re excited with the expansion of our additional service in Japan, introducing specialty broking solutions to Japanese companies,” commented Ryohei (Roy) Nakazawa, head of WTW Japan, in a statement.

“Working closely with the international and domestic insurance markets, we will focus on the speciality segments, particularly for large corporates and Japanese companies with overseas business interests,” he added. “These include those in natural resources, such as power plants, renewables and mining, marine, construction, aviation, crisis management, rep & warranty, captive and reinsurance business.”

At the same time, WTW’s existing agency company will continue to focus on domestic corporate business and Japanese firms with global programs, “where we can support them in collaborating with their corporate in-house agencies,” Nakazawa said.

Luke Ware, head of CRB Asia, WTW commented: “This underscores our commitment to support the evolving needs of our clients and strengthen our position in the market – to be Japan’s best risk advisor, specialty broker and client partner, with world-class analytical capability. Japanese businesses face increasing technology, cyber, supply chain and climate transition risks. In response, we offer deep industry knowledge and insights to help them mitigate these risks and optimize business performance.”

Source: WTW

Topics Agencies Japan Willis Towers Watson

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