Guy Carpenter & Company, a risk and reinsurance specialist and a member of Marsh & McLennan Companies, has received 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). Guy Carpenter currently has a representative office in Beijing and a full-service office in Hong Kong.
Guy Carpenter & Company president and CEO Peter Zaffino said Guy Carpenter pledges the continued support in assisting this fast-growing, developing market increase its sophisticated risk management solutions for a complex array of risks.
Guy Carpenter & Company Asia Pacific Region CEO James Nash said the license is an important milestone in the company's long term commitment to the Chinese insurance industry and provides a firm platform to enhance the future support and investment.