HONG KONG, Feb. 14 /Xinhua-PRNewswire/ -- Marsh, the world's leading insurance broker and risk adviser, has been ranked the number one international broker in China by the China Insurance Regulatory Commission (CIRC). The CIRC ranked China's top 20 intermediaries based on annual invoiced revenue in its 2007 Insurance Intermediary Market Report.
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Marsh (Beijing) Insurance Brokers Co. Ltd was ranked number one of all international brokers and number four of all brokers in China, with invoiced revenue of RMB93.65M (US$13M) a growth of 27% and corresponding to 4.64% marketshare. Total invoiced revenue for all brokers in 2007 grew to RMB2.019B (US$280M).
Marsh Greater China CEO, Paul Wilkins, said he was thrilled with the results for 2007 - just one year after the CIRC granted Marsh China's first and only Wholly-Owned Foreign Enterprise insurance broking license.
"Our ranking as China's number one international broker is a tremendous honour," Mr Wilkins said. "China is one of Marsh's most important markets and we have focused on building a strong local team which is supported by our global network to deliver best in class risk and insurance services to Chinese enterprises and multi-national clients.
"Marsh also serves Chinese clients offshore via our China Global Client Services network in key markets in the United States, UK, Europe, and Asia Pacific. Marsh's ranking clearly shows that in a market expanding as rapidly as China, organisations value the unmatched support, service, global footprint and technical expertise of Marsh."
Of the 322 insurance broker companies operating in China, five are international brokers. Other international brokers include business in their revenues which is not included in the Marsh figures, such as employee benefits and reinsurance. Marsh's sibling companies Guy Carpenter and Mercer hold revenues for reinsurance and employee benefits business respectively for MMC in China.
About Marsh
Marsh, the world's leading insurance broker and risk advisor, has 26,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with more than 54,000 employees and approximately $11 billion of annual revenues. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Kroll, the risk consulting firm; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. MMC's stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC's Web Site is http://www.mmc.com . Marsh's Web site is http://www.marsh.com .
