Lockton, a US based privately held insurance brokerage firm, has received the regulatory approval from the China Insurance Regulatory Commission (CIRC), to open a new branch office in Beijing, China.
According to the Lockton, the Beijing office will operate as a full-service broker, offering specialist insurance and reinsurance services as well as risk management expertise to Chinese companies.
In particular, the Beijing branch will focus on developing professional liability, property & casualty and international insurance in and around Beijing.
Lockton also appointed Alex Jiang to lead the new Chinese office, with a support of associates in January 2011. He will report to Gerry Callaghan, CEO and president for Greater China at Lockton.
Jiang, joined Lockton in March 2010, has overseen the company’s wholly owned foreign enterprise license application process for the new office.
Previously, Jiang worked for HSBC Insurance Brokers as assistant general manager and head of financial risks practice and corporate business practice in Northern China.
Lockton Companies CEO Julian James said that the opening of a second branch office in China is a significant step in the ongoing development of the insurance and risk management solutions Lockton provide to Chinese clients and companies.
"The Lockton team in Beijing will also benefit from Lockton’s global insurance network providing a wide pool of international insurance expertise to support a diverse range of Chinese clients," James said.
In September 2008, Lockton received its first wholly-owned foreign enterprise insurance broking license for Lockton Companies (Shanghai) Insurance Brokers.