Willis said it had received final approval and certification from the China Insurance Regulatory Commission allowing its joint venture operation, Willis Pudong Insurance Brokers to start trading.
The licence related to insurance and reinsurance broking activities throughout the Peoples Republic of China, for both commercial risk, including marine, aviation, and transport, and for both domestic and foreign enterprises, said Willis.
Willis was granted permission from the commission to purchase a 50% share in Chinese broker Pudong Insurance Brokers on 18 March.
Willis chairman and chief executive Joe Plumeri said: “Our 50% share in Willis Pudong Insurance Brokers puts us in a unique position in the China market.
“With a combined staff of over 160 professionals based in China who will call upon the assistance of their colleagues from Willis international network and specialty resources, Willis Pudong represents the best combination of international expertise with local knowledge and delivery.
“This combination will allow us to provide our clients with a level of service, placement ability and industry expertise that cannot be matched.”
