Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist of Marsh & McLennan Companies, today announced that it has been awarded the Wholly-Owned Foreign Enterprise (WOFE) broking license by the China Insurance Regulatory Commission (CICR).
Subject to final business registration, Guy Carpenter will become the first licensed 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 in Beijing and a full-service office in Hong Kong SAR.
Peter Zaffino, President & CEO, Guy Carpenter & Company, said: “We are honored and privileged to be granted a WOFE license by the China Insurance Regulatory Commission and to become the first global 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."