Willis Towers Watson adds city to P&C hub
Willis Towers Watson, a global advisory, broking and solutions company, has announced the addition of Shanghai to its global property and casualty hub.
Initially focused on the coordination of placement activity across London, Bermuda and Singapore, the addition will enable the hub to facilitate the sharing of ideas, expertise, innovation and perspectives across the Asia-Pacific region, the NASDAQ-listed firm said.
Its global P&C team has over 145 experts across the world who can assess client needs to establish the best marketplace for placements and provide international market solutions for clients.
The hub is expected to broaden into other countries as part of a second phase this year.
Garret Gaughan, head of the company’s Global Markets P&C, said: “The addition of Shanghai to the hub demonstrates our commitment to delivering innovative solutions and support to our clients through challenging times.”
The decision reflects the strategic importance of China’s insurance market, being the second-largest insurance market next to the US, according to Wise Xu, its head of corporate risk and broking, China, and head of China.
“Clients in China can now access global insurance capacity more efficiently through our Shanghai hub and benefit from our truly global marketplace strategy,” he said.
Xu added that the dynamics of China’s emerging markets will provide competitiveness and flexibility to its global clients, which will help to introduce more innovative solutions to the Chinese insurance market to satisfy the risk transfer needs of clients here.