Aon Receives China License
NU Online News Service, Jan. 16, 3:06 p.m. EST?China has granted its first insurance broker license to Chicago-based Aon Corp.
Aon announced today that the China Insurance Regulatory Commission has granted the broker the first insurance brokerage license to a foreign company. The approval is a joint venture with China National Cereals, Oils & Foodstuffs Import & Export Corp.
The joint venture, to be called Aon-COFCO, will be based in Shanghai and begin operations by the middle of this year, Aon said.
"We are honored to be able to enter the Chinese market," said Patrick G. Ryan, Aon's chairman and chief executive officer in a statement. "The market in China is of great strategic importance to many of our clients. Additionally, with the dynamic growth of the Chinese economy we look forward to offering our resources to the rapidly changing needs of indigenous Chinese companies."
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