NEW YORK, Dec. 9, 2010 /PRNewswire-Asia/ -- Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and a member of Marsh & McLennan Companies (NYSE: MMC), 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.
QUOTES
Peter Zaffino, President & CEO, Guy Carpenter & Company
"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, Guy Carpenter & Company
"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, Guy Carpenter & Company
"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."
About Guy Carpenter
Guy Carpenter & Company, LLC is the world's leading risk and reinsurance specialist and a member of Marsh & McLennan Companies. With over 50 offices worldwide, Guy Carpenter creates and executes reinsurance solutions and delivers capital market solutions* for clients across the globe. The firm's full breadth of services includes line of business expertise in Agriculture; Aviation; Casualty Clash; Construction and Engineering; Excess and Umbrella; Life, Accident and Health; Marine and Energy; Medical Professional Liability; Political Risk and Trade Credit; Professional Liability; Property; Retrocessional Reinsurance; Surety; Terrorism and Workers Compensation. GCFac® is Guy Carpenter's dedicated global facultative reinsurance unit that provides placement strategies, timely market access and centralized management of facultative reinsurance solutions. In addition, GC Analytics® utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm's clients more successful. Guy Carpenter's website address is www.guycarp.com.
Guy Carpenter's intellectual capital website, www.GCCapitalIdeas.com, leverages blog technology, including Real Simple Syndication (RSS) feeds and searchable category tags, to deliver Guy Carpenter's latest research as soon as it is posted. In addition, articles can be delivered directly to BlackBerrys and other handheld devices.
* Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.
