BEIJING, March 24, 2011 /PRNewswire/ -- The UK Ambassador to China, Sebastian Wood lauded the work of international insurance brokers helping China to further develop its insurance markets at the official office opening ceremony of top ten global broker Lockton, which today opened a new branch in Beijing. The Beijing office has now opened following regulatory approval from the China Insurance Regulatory Commission (CIRC).
The UK Ambassador to China, Sebastian Wood said: "I am particularly pleased that Lockton is developing its business in China. As China seeks to grow and deepen its insurance markets insurance brokers have an important role as 'multipliers' reaching out to new corporate and personal clients that insurance companies might otherwise struggle to reach. So as well as helping develop Lockton's business in China the company will also play a supporting role in helping China further develop its insurance markets."
Lockton Companies LLP's Julian James said: "Today, in the wake of the Japan earthquake and tsunami, the insurance market has never been so relevant. We oil the wheels of world commerce when times are good. Then when they threaten to fall off, we help to put the wheels back on when times are bad. This office opening is significant as it brings our expertise closer to our clients.
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Notes to editors
Lockton was granted its first Wholly-owned Foreign Enterprise insurance broking license for Lockton Companies (Shanghai) Insurance Brokers Ltd, in September 2008.
China liberalised its insurance broking market in December 2006, allowing Wholly Owned Foreign Enterprise (WOFE) insurance broking operations, to operate under a WOFE license.
Alex Jiang, who joined Lockton in March 2010, has overseen Lockton's Wholly Owned Foreign Enterprise license application process for the Beijing office. Previously Assistant General Manager and Head of Financial Risks Practice and Corporate Business Practice in Northern China for HSBC Insurance Brokers, Jiang will report to Gerry Callaghan who is CEO and President for Greater China.
The Beijing branch office will operate as a full-service broker, offering a wide range of specialist insurance and reinsurance services to clients as well as risk management expertise and knowledge to Chinese-based companies. In particular, it will focus on developing professional liability, property & casualty and international insurance in and around Beijing.
More than 3,800 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, and risk management services, offering an uncommon level of client service. From its founding in 1966 in Kansas City, Missouri, USA, Lockton has grown to become the largest privately held insurance broker in the world and 9th largest overall. Business Insurance recognized Lockton as a Best Place to Work in Insurance. You can learn more at www.lockton.com