Guy Carpenter & Company, LLC, a global leader in providing risk and reinsurance intermediary services and a member of Marsh & McLennan Companies today announced that it has received approval from the China Insurance Regulatory Commission (CIRC) to open a new branch office in Shanghai, China. The new branch will be headed up by Phil Xue.
This is part of the firm’s efforts in building a strong local presence in China. Earlier in the year, Guy Carpenter expanded its leadership team in China by appointing Hong Guo, as Deputy Chief Executive Officer, and Vienna Cheung, as Chief Operating Officer, of the firm’s China Operations. Based in Beijing, Hong Guo’s appointment as the General Manager of Guy Carpenter Insurance Brokers (Beijing) Co., Ltd., the firm’s wholly owned subsidiary in Mainland China, has recently been approved by CIRC.
With its newly approved branch license in Shanghai, the firm will build a solid network by offering a wide range of reinsurance services and risk management expertise tailored to meet the unique needs and challenges of Chinese clients.
James Nash, CEO – Asia Pacific Region, Guy Carpenter & Company, LLC, said: “The opening of our new Shanghai branch office represents an important and exciting step forward in Guy Carpenter’s long-term commitment to the Chinese insurance industry. When it comes to providing effective risk and reinsurance solutions, we do not believe in a ‘one-size-fits-all’ approach. We aim to deliver our aggregated global knowledge tailored to the specific needs of clients domiciled in China through a local platform.”
Lawrence Liao, Chairman and CEO – China Operations, Guy Carpenter & Company, LLC, stated: “We are excited to be granted our Shanghai branch license. Together with our operations in Beijing and Hong Kong, the establishment of Shanghai branch will enable us to form a solid local service network. Our China team in Beijing, Shanghai and Hong Kong are fully committed to assisting our clients navigate this fast-growing, developing market with sophisticated risk management solutions designed to meet their complex needs.”