Kansas City, Mo.-based insurance broker Lockton said it has been granted an insurance brokerage license by the China Insurance Regulatory Commission.
The new firm will operate under the name Lockton Companies (Shanghai) Insurance Brokers Ltd. and plans to commence business in late September.
Lockton said it is only the second foreign enterprise to be granted a wholly-owned foreign enterprise (WOFE) insurance broking license in China. The firm has operated in Asia for more than 30 years and was one of the first companies, back then known as Alexander 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 broking license in China. We are very grateful to be given the opportunity to assist in the development of the Chinese market and to introduce our international risk management and insurance broking experience.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.