Willis Group Holdings said it increased its commitment to the China market by renaming its office there, signing an energy risk placement contract and opening a graduate training program.

In a statement, Joe Plumeri, chairman and chief executive officer of the London-headquartered insurance brokerage firm, said Willis is focusing on domestic companies so it can “make a difference in China for Chinese companies” and not rely on growing business based on foreign investment.

Speaking from Shanghai yesterday, Mr. Plumeri said the firm was awarded a contract for construction coverage of an offshore oil platform operated by CACT Operators Group. The CACT is a joint venture of the China National Offshore Oil Corporation, Chevron and ENI, an Italian-based energy company.

The contract is valued at $136 million, Willis said in a separate statement.

Willis also said it changed the name of its China operation from Willis Pudong Insurance Brokers Co., Ltd., to Willis Insurance Brokers Co., Ltd.

In 2004, Willis purchased a 50 percent equity stake in Shanghai Pudong Insurance Brokers Ltd., a Chinese brokerage firm. In 2005, it increased its stake to 51 percent.

The firm also announced a new graduate training program aimed at recruiting and developing local talent. The program recruited 12 graduates from China's top universities to be trained “in a specialty area of their interest.”

One consultant noted in an e-mail that Willis' interest in China is as intense as a number of insurers, notably American International Group and other international carriers.

Two other leading international brokers, Marsh and Aon, have brokerage licenses in China.

Special Reports /

Willis Boosts Commitment To China Market

Related Stories

Recommended For You