Willis Gets Big Stake In Shanghai Broker
NU Online News Service, April 9, 11:56 a.m. EST?Willis Group Holdings, an insurance brokerage, announced that it has received official approval to complete the purchase of a 50 percent equity stake in Shanghai Pudong Insurance Brokers Ltd.[@@]
Willis, which described Shanghai Pudong as China's leading insurance broker, said the China Insurance Regulatory Commission Shanghai had okayed the deal. Terms were not released.
Shanghai Pudong is licensed to transact both insurance and reinsurance, life and non-life, for domestic and foreign clients throughout the People's Republic of China, Willis said.
The Shangai Pudong, Willis said, lists 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.
Joe Plumeri, Willis chairman and chief executive officer, said completion of the transaction is a "significant step in Willis' global expansion. We know the Chinese market very well, having been closely involved with Chinese insurers and the placement of Chinese reinsurance business for over 50 years."
He said because many Willis clients have significant operations in China, he is "delighted that we will be able to support their presence with a level of service and expertise consistent with the standards we adopt worldwide."
Shanghai Pudong brokers, according to Mr. Plumeri, serves the risk transfer and risk management needs of many Chinese enterprises. He said their office network ensures they are able to provide full service throughout the country.
"This partnership, which combines Willis' global resources with local knowledge and service delivery, will be a powerful force in the development of the Chinese insurance broking industry and Willis," he concluded
Willis counts more than 300 offices in more than 100 countries, employing 13,000 associates serving clients in some 180 countries.
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