Willis Group Holdings, a New York insurance broker, said Tuesday that it has gotten final approval and certification from the China Insurance Regulatory Commission for its joint venture, Willis Pudong Insurance Brokers Co. Ltd., to do insurance and reinsurance broking throughout China.
Willis Group got the commission's permission on March 18 to buy 50% of Pudong Insurance Brokers and to rename it Willis Pudong. A broking license was issued to Willis Pudong on Aug. 6.
The scope of the license includes both insurance and reinsurance broking for commercial risks that include the marine, aviation, and transportation sectors for both domestic and foreign enterprises nationwide.
Willis Group has more than 300 offices in 80 countries, and 14,500 associates.
