Willis Group Holdings has received approval from the China Regulatory...
Willis Group Holdings have received approval from the China Regulatory Commission to complete the purchase of a 50% equity stake in Shanghai Pudong Insurance Brokers.
Shanghai Pudong is licensed to transact insurance and reinsurance, both life and non-life, for domestic and foreign clients through the People's Republic of China, said Willis.
Once the deal is completed, the company's name will be changed to Willis Pudong Insurance Brokers, headquartered in Shanghai.
Willis chairman and chief executive Joe Plumeri, said: “This is a significant step in Willis' global expansion. We know the Chinese market very well, having been closely involved with Chinese insurers and the placement of Chinese reinsurance business for over 50 years.
“Many of our clients have significant operations in China and I am delighted that we will be able to support their presence with a level of service and expertise consistent with the standards we adopt worldwide.”
He added: “This partnership, which combines Willis' global resources with local knowledge and service delivery, will be a powerful force in the development of the Chinese insurance broking industry and Willis”.
