Willis Gets Go-Ahead In China
NU Online News Service, Aug. 17, 11:45 a.m. EDT?Willis Group Holdings said it has received final approval to begin full brokering operations in China.[@@]
The London-headquartered firm said it has received certification from the China Insurance Regulatory Commission, allowing its joint venture operation, Willis Pudong Insurance Brokers Co., Ltd., to engage in insurance and reinsurance broking activities throughout the People's Republic of China.
Willis said it received permission from the CIRC in March of this year to purchase a 50 percent share in Pudong Insurance Brokers, a domestic insurance brokerage firm, and to change the name to Willis Pudong Insurance Brokers Co., Ltd.
Under the license granted by the CIRC, Willis will conduct insurance and reinsurance broking for commercial risks for marine, aviation and transportation sectors, for both domestic and foreign enterprises. Willis said the license does not limit it to these specialties.
Joe Plumeri, chairman and chief executive officer of Willis, said the firm has a network of 23 offices throughout China and a staff of 160. Fourteen of the offices are licensed to transact insurance locally.
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