Willis gains majority in Chinese broker.Willis Wil·lis , Thomas 1621-1675. English anatomist and physician known for his studies of the nervous system and the brain. He discovered the circle of Willis at the base of the brain. Group Holdings Ltd. said it has become the first foreign insurance broker to gain a majority stake in a Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. company, after getting approval from regulators to take a 51% stake in a joint-venture broker. The China Insurance Regulatory Commission granted approval for Willis to increase its stake in Willis Pudong Insurance Brokers Co. Ltd. to 51% from 50%, Willis said. Willis first got permission to acquire a 50% stake in Pudong Insurance Brokers, then a 100% Chinese-owned company, in March 2004. In August 2004, Willis Pudong won a license that allowed it to conduct brokerage activities throughout China. Willis said the license allows it to conduct commercial insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. broking Bro´king a. 1. Of or pertaining to a broker or brokers, or to brokerage. Redeem from broking pawn the blemished crown. - Shak. throughout the country. |
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