"We are focusing our business on domestic companies so that we can make a difference in China for Chinese companies - not just on growing our business in China based on foreign investments," said Plumeri.
Underscoring this commitment to China, Plumeri announced that Willis has been awarded the contract to secure the construction coverage of a new offshore oil platform belonging to CACT Operators Group, a joint venture between the China National Offshore Oil Corporation, Chevron and ENI. The new facilities will be located offshore China, 150km southeast of Hong Kong.
In addition to CACT, Willis also counts among its major clients the Fujian Refining and Ethylene Project (FREP) - the largest world-class foreign refining and petrochemicals project in China, World Expo 2010 in Shanghai and the China Development Bank.
In 2004, Willis purchased a 50 percent equity stake in Shanghai Pudong Insurance Brokers Ltd., a leading Chinese insurance broker. In 2005, Willis increased its stake in the Willis Pudong Insurance Brokers Ltd joint venture to 51 percent, making it the first foreign-controlled broker in China. Mr. Plumeri stated that Willis intends to purchase the remaining 49 percent over time.
"With its extensive network of 20 locally-staffed offices throughout China, Willis now has the largest local network and workforce of all the global brokers and we are the number one global insurance broker in China," said Plumeri. "In a move that reflects this success, Willis Pudong Insurance Brokers Co. Ltd. will now be known as Willis Insurance Brokers Co., Ltd. The name change sends a very clear message - Willis Insurance Brokers can draw on Willis Group's vast global resources and skills to help companies meet all their local Chinese requirements and their international business needs.
"A major factor in our strong growth in China is that our senior management are Chinese, so we can bridge the gap between the nuances of the country and the business of insurance broking,"
Plumeri who went on to detail how Willis was giving back to the community through an innovative graduate training program. An inaugural class of 12 Chinese university students are being trained in a specialty area of their interest. They will be deployed around the world as their specialty and Willls' needs converge and then brought back to China to apply what they have learned.
Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 300 offices in some 100 countries, with a global team of approximately 16,000 employees serving clients in some 190 countries.
Most Popular Articles