Lockton to expand in China

by David Masters

Story link: Lockton to expand in China

Kansas City-based insurance brokerage firm Lockton is pressing ahead with its plans for expansion in China.

On Friday the Chinese Insurance Regulatory Commission (CIRC) granted Lockton a Wholly Owned Foreign Enterprise (WOFE) insurance broking license.

Lockton’s new Chinese business will begin operating later this month as Lockton Companies (Shanghai) Insurance Brokers Ltd.

Lockton is the biggest privately owned independent insurance broker in the world. It is only the second non-China-based company to be granted a WOFE insurance license.

The enterprise has had operations in Asia for over 30 years, and opened its Beijing office in 1996.

Julian James, CEO of Lockton International, said the award of a Chinese WOFE was a ‘considerable honour.’

He added that the company is ‘very grateful’ for the opportunity to help develop the Chinese market.