JLT secures broking licence extension in China

Jardine Lloyd Thompson (JLT) has been granted a licence to cover all lines of insurance brokerage business in China.

China's Banking Insurance Regulatory Commission (CBIRC) extended the licence of JLT Insurance Brokers, which previously permitted it to trade as a foreign broker.

The scope of business for the new licence is the same as that permitted for a domestic insurance brokerage company in China, and JLT is free to provide its comprehensive suite of risk advisory, employee benefits and insurance broking services to the full spectrum of Chinese businesses.

The announcement follows a recent move by the Chinese Government to further open the Chinese market to foreign operators.

"The Chinese Government’s One Belt One Road initiative is generating unprecedented opportunities for JLT, and we are very excited by the opportunities that this licencing extension presents," said Dominic Samengo-Turner, JLT Asia’s chief executive.

"Our Speciality business in China has been growing from strength to strength - particularly in the areas of Construction and Energy – and this success is based firmly on strong collaboration between JLT China and JLT Specialty’s regional and global experts."

Philip Rong, CEO of JLT China, added: "CBIRC has recognised JLT’s firm commitment to the Chinese market and the skills and value that we seek to bring, and this expanded license will enable us to strengthen and expand our offering in the country.

"Combined with our rich local knowledge and strong global expertise, we are better positioned to offer full range of risk advisory and insurance services to meet the ever growing demands of our existing and potential clients in China."

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