Kansas City, Mo.-based insurance broker Lockton said it has beengranted an insurance brokerage license by the China InsuranceRegulatory Commission.

The new firm will operate under the name Lockton Companies(Shanghai) Insurance Brokers Ltd. and plans to commence business inlate September.

Lockton said it is only the second foreign enterprise to begranted a wholly-owned foreign enterprise (WOFE) insurance brokinglicense in China. The firm has operated in Asia for more than 30years and was one of the first companies, back then known asAlexander Forbes, to establish a representative office in Beijing,China in 1996.

Marsh received a WOFE in 2007.

Lockton International Chief Executive Officer Julian James said,“It is a considerable honor to be awarded a WOFE insurance brokinglicense in China. We are very grateful to be given the opportunityto assist in the development of the Chinese market and to introduceour international risk management and insurance brokingexperience.