NU Online News Service, Dec. 9, 3:33 p.m. EST
Reinsurance broker Guy Carpenter & Company said Chinese insurance authorities have awarded the firm a broking license that would make it the first of its kind there.
Guy Carpenter said it has been awarded the Wholly-Owned Foreign Enterprise (WOFE) broking license by the China Insurance Regulatory Commission.
Guy Carpenter, a member of Marsh & McLennan Companies, said the license, which is subject to final business registration, would make the firm the first licensed international reinsurance broker to operate in China.
The firm said it will provide reinsurance services in China as Guy Carpenter Insurance Brokers (Beijing) Co. Guy Carpenter currently has a representative office in Beijing and a full-service office in Hong Kong.
In a statement, Peter Zaffino, president and chief executive officer of Guy Carpenter said, "We are honored and privileged to be granted a WOFE license by the China Insurance Regulatory Commission and to become the first global reinsurance broker to trade under this license. Guy Carpenter pledges our continued support in assisting this fast-growing, developing market increase its sophisticated risk management solutions for a complex array of risks."
James Nash, CEO of Asia Pacific Region, Guy Carpenter said, "The license is an important milestone in Guy Carpenter's long term commitment to the Chinese insurance industry and provides a firm platform to enhance our future support and investment."
Lawrence Liao, CEO of Mainland China and Hong Kong, Guy Carpenter said, "It has always been our desire to have a local operational presence, and we are excited to be granted the license."
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