HONG KONG, May 15, 2018 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company announced today 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. This 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.”
Wise Xu, Head of Willis Insurance Brokers China, said, “We have a strong branch network in China, extensive relationships with carriers and a global placement capability. Combined with our global knowledge and experience, the extended license to operate in China enables us to further grow our business with existing and new clients and opens up many new potential opportunities over time.”
Smilla Yuan, CEO of Willis Towers Watson Greater China, added, “Willis Towers Watson is actively exploring and assisting Chinese insurance companies in product innovation and development. With forward looking perspectives and innovative experiences, the extension of our license enables us to provide our Chinese clients with enhanced analytical and risk management capabilities."
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
Media contacts
James Dyson: +852-2586 7858
James.dyson@fleishman.com
Cynthia Wong: +65-9818 6905
Cynthia.wong@willistowerswatson.com
Miles Russell: +44 (0) 203 124 7446
miles.russell@willistowerswatson.com