China Grants Aon 1st License
The China Insurance Regulatory Commission granted the first insurance broker license to a foreign company to Aon Corp., the Chicago-based broker announced last week.
The approval is for a joint venture with China National Cereals, Oils & Foodstuffs Import & Export Corp. The joint venture, to be called Aon-COFCO, will be based in Shanghai and begin operations by the middle of this year.
Aon said it developed a presence in Chinas insurance market as early as 1986 through the office of Bain Hogg, Ltd., based in Beijing. Aon acquired Bain Hogg in 1996. Additional offices were established in Nanjing in 1997 and Shanghai in 1998.
Aon said it has previously worked with the Chinese government, the Shanghai University of Finance and Economics, major Chinese insurers and brokers to provide training to the countrys insurance professionals operating both in China and abroad.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, January 20, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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