Willis has received written approval from the China Insurance Regulatory Commission (CIRC) to increase its ownership interests in Willis Pudong Insurance Brokers to 51%.
Willis is the first international insurance broker to be granted permission to hold a majority share in a fully licensed broking operation in China.
In March 2004, Willis was granted permission from the CIRC to purchase a 50% share in Pudong Insurance Brokers, a 100% Chinese-owned insurance broker, and to change its name to Willis Pudong Insurance Brokers.
In August 2004 the CIRC granted Willis Pudong a broking licence allowing the joint venture to engage in insurance and reinsurance broking activities throughout the People's Republic of China.
Joe Plumeri, chairman and chief executive of Willis, said: "Increasing our interests in Willis Pudong underscores our commitment to building our business in this vibrant and growing market."
