Willis becomes first licensed foreign broker to operate as domestic broker in China

The global insurance broker WTW - Willis Towers Watson said that China's Banking Insurance Regulatory Commission (CBIRC) has approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China.

The announcement "provides Willis Towers Watson with the same license to operate as domestic brokers", according to a statement published on WTW website.

The decision follows President Xi JINPING's announcement early last month of a series of major financial liberalization initiatives aimed at opening up the Chinese market to foreign operators.

"In response to President Xi JINPING's announcement, the Shanghai Insurance Regulatory Bureau expanded Willis Towers Watson's operating permit to encompass all lines of insurance brokerage".

Commenting on the announcement, Scott BURNETT, Head of Asia, said "Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994. This latest announcement speaks to the long term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe. The expanded license represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise."

Share |

Related articles

Aon: changes in the leadership structure following restructure

Aon plc announced today that Andrew MARCELL has been appointed CEO of Reinsurance Solutions. Prior to the today change, Eric ANDERSEN, CEO of Aon Benfield, and Michael O'CONNOR, CEO of Aon Risk Solutions, have been appointed Co-Presidents on 15 May.

2018-05-31

ON THE MOVE

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

LIVE: BAKU: "Insurance in Azerbaijan: New perspectives" Conference

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

20.06.2018

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all