Broker to begin trading by the end of the month.
The China Insurance Regulatory Commission (CIRC) has granted Lockton a Wholly-Owned Foreign Enterprise (WOFE) insurance broking licence to operate in China
The new licence underscores Lockton’s plans to accelerate the introduction of international best practice standards and practices to the insurance broking industry in China, a leading CIRC initiative. The firm will operate, subject to final business registration, as Lockton Companies (Shanghai) Insurance Brokers Ltd. and plans to commence business in late September 2008.
Lockton is only the second foreign enterprise to be granted a wholly owned insurance broking licence in China. Lockton has operated in Asia for more than 30 years and was one of the first companies (then as Alexander Forbes) to establish a representative office in China in Beijing in 1996.
Lockton International CEO Julian James said: “It is a considerable honour to be awarded a WOFE insurance broking licence 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.
“We are committed to continually introducing innovative risk transfer and insurance solutions and to educate and assist corporate insurance buyers in best practice insurance purchase strategies. This process of buyer education in China will be complemented by a team of local insurance executives who will open the office. The local Shanghai team will be supported by Lockton experts around the world.”
James added: “Lockton’s private ownership model allows the firm to commit a single-minded focus to serving our clients. Lockton takes a long term view on its investments. We look forward to a long partnership with the Chinese insurance and risk management community.”
Lockton Greater China managing director Greg McCoy said: “We are delighted at the opportunity to expand our existing Asia region business to include the new China operations. The Shanghai office will serve as a platform for substantial growth and further investment in the exciting China market place.”
