Guy Carpenter & Company today announced that it has been awarded the Wholly-Owned Foreign Enterprise (WOFE) broking license by the China Insurance Regulatory Commission (CIRC).
Subject to final business registration, Guy Carpenter will become the first licensed international reinsurance intermediary to operate in China. It will provide reinsurance services in China as Guy Carpenter Insurance Brokers (Beijing) Co., Ltd. Guy Carpenter currently has a representative office in Beijing and a full-service office in Hong Kong SAR.
Peter Zaffino, President & CEO, stated “We are honored and privileged to be granted a WOFE license by the China Insurance Regulatory Commission and to become the first global reinsurance broker to trade under this license. Guy Carpenter pledges our continued support in assisting this fast-growing, developing market increase its sophisticated risk management solutions for a complex array of risks.”
James Nash, CEO of Asia Pacific Region, added “We are grateful to the China Insurance Regulatory Commission for granting Guy Carpenter a license to operate as a full-service provider in China. The license is an important milestone in Guy Carpenter’s long term commitment to the Chinese insurance industry and provides a firm platform to enhance our future support and investment.”
Lawrence Liao, CEO of Mainland China and Hong Kong, said “Guy Carpenter is proud to have a longstanding business association with the Chinese insurance market. It has always been our desire to have a local operational presence, and we are excited to be granted the license.
China is expected to become one of the world’s leading insurance markets. At Guy Carpenter, we are fully committed to helping our clients build innovation, technology and best practices to accelerate this evolutionary path.”