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Willis gains majority in Chinese broker.


Willis 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
Insurance broker
A broker, independent of any insurance company, who represents the interests of the buyer in searching for insurance coverage at the lowest cost and providing the highest benefit to the buyer.
 to gain a majority stake in a Chinese 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 broking throughout the country.
COPYRIGHT 2006 A.M. Best Company, Inc.
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Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Willis Group Holdings Ltd. acquired Pudong Insurance Brokers Co. Ltd.
Publication:Best's Review
Article Type:Brief Article
Geographic Code:9CHIN
Date:Jan 1, 2006
Words:116
Previous Article:Lloyd's gets reinsurance license in China.(Lloyd's Life Assurance Ltd.)(Brief Article)
Next Article:Swiss re becomes top reinsurer with $6.8B acquisition of GE insurance.(General Electric Co., Swiss Reinsurance Company Ltd.)
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