Jan. 23, 2007 (China Knowledge) – Marsh & McLennan Cos., the world's biggest insurance broker, has announced that China awarded it a wholly owned foreign enterprise (WOFE) insurance broking license, the first of its kind.

Under terms of the agreement, Marsh's existing Chinese risk consulting business will expand to include brokerage for insurance of large scale commercial risk, for reinsurance and for international marine, aviation and transport insurance. The firm will operate in China as Marsh (Beijing) Insurance Brokers Co. Ltd.

Marsh has previously provided risk management and insurance broking services from three offices in Beijing, Shanghai and Guangzhou, with expansion into Chengdu, in western China, subject to approval from the China Insurance Regulatory Commission.

According to the statement by Marsh, the granting of a WOFE license to Marsh represents a significant development for foreign entities operating in China’s insurance market. Marsh’s Asia Pacific CEO, David Batchelor, says the company is excited to grow its operations and capabilities in China under the expanded terms of its new licensing agreement.