Willis Group Holdings Limited said it received permission to increase its ownership in the Shanghai-based Willis Pudong Insurance Brokers Co., Ltd., to 51 percent, the most allowed under Chinese law.
The insurance brokerage firm, headquartered in London, said it received written approval today from the China Insurance Regulatory Commission (CIRC) to increase its holding.
Willis said it is the first international insurance broker to be granted permission to hold a majority share in a fully licensed broking operation in China.
The news follows the announcement earlier this month that China granted permission to Lloyd's to establish an onshore reinsurance operation.
Willis gained permission in March last year to purchase a 50 percent share in Pudong Insurance Brokers, a 100 percent Chinese-owned insurance broker. Willis changed the name to Willis Pudong Insurance Brokers Co., Ltd. Later that year, the new firm received a broking license allowing it to engage in insurance and reinsurance broking activities throughout the country.
"Increasing our interests in Willis Pudong underscores our commitment to building our business in this vibrant and growing market," said Joe Plumeri, chairman and chief executive officer of Willis. "It is a country rich in culture and tradition, and we are pleased to be in a leadership position."
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