Willis, the New York-listed London-based insurance broker, will announce today that it has been granted permission by the Chinese regulator to lift its ownership of Willis Pudong Insurance Brokers, a Chinese insurance broker, to 51 per cent. Willis said it was the first international broker to gain the permission of the China Insurance Regulatory Commission to hold a majority share in a fully licensed Chinese insurance broker.
It added that the approval from CIRC gave it control over Willis Pudong, which would become a subsidiary and have its results consolidated into the Willis group. Sarah Turvill, chief executive of Willis International Holdings, Willis's retail broking operations outside of North America, the UK and Ireland, said: "The (Chinese) broking market is very new and the market share of the broking market is increasing at a very fast rate. We would intend to be at the forefront of that growth."
Willis gained permission last year from the CIRC to acquire a 50 per cent stake in Pudong Insurance Brokers, a 100 per cent Chinese- owned broker, as well as a licence to operate in China's insurance and reinsurance broking markets. Willis did not disclose the amount paid for the initial 50 per cent stake, or what it would pay to lift its holding. Willis Pudong operates in the insurance and reinsurance markets for commercial risks, with strengths in energy, construction, aviation and the property and casualty markets. It also had a growing presence in the employee benefits market. Ms Turvill said.
International insurers are increasingly targeting China. Last week Lloyd's was granted permission by the CIRC to set up its own reinsurance company in China, which will provide reinsurance to Chinese insurers in local currency.
It added that the approval from CIRC gave it control over Willis Pudong, which would become a subsidiary and have its results consolidated into the Willis group. Sarah Turvill, chief executive of Willis International Holdings, Willis's retail broking operations outside of North America, the UK and Ireland, said: "The (Chinese) broking market is very new and the market share of the broking market is increasing at a very fast rate. We would intend to be at the forefront of that growth."
Willis gained permission last year from the CIRC to acquire a 50 per cent stake in Pudong Insurance Brokers, a 100 per cent Chinese- owned broker, as well as a licence to operate in China's insurance and reinsurance broking markets. Willis did not disclose the amount paid for the initial 50 per cent stake, or what it would pay to lift its holding. Willis Pudong operates in the insurance and reinsurance markets for commercial risks, with strengths in energy, construction, aviation and the property and casualty markets. It also had a growing presence in the employee benefits market. Ms Turvill said.
International insurers are increasingly targeting China. Last week Lloyd's was granted permission by the CIRC to set up its own reinsurance company in China, which will provide reinsurance to Chinese insurers in local currency.
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