AJG launches Jiang Tai Re with Chinese partner
Arthur J Gallagher (AJG), the international division of Arthur J Gallagher & Co, has launched Jiang Tai Re, a new reinsurance broker, with its strategic partner Jiang Tai Insurance Brokers.
The firms say the move is the first step towards helping Shanghai become a new regional reinsurance hub. Jiang Tai Re is the joint venture initially born through the signing of a tripartite agreement between the two broking houses and Beijing Jiang Tai Universal Investment Management Associates last December.
Following the conclusion of regulatory formalities and opening of new dedicated offices, Jiang Tai Re is now fully up and running. AJG’s specialist reinsurance partner, Capsicum Re, will further service and support the team on treaty and facultative business through its bases in London and Singapore.
Jiang Tai Re is the first domestic reinsurance brokerage to be granted a license by the China Insurance Regulatory Commission and the Shanghai-based operation aims to assist Chinese enterprises operating overseas as they look to expand on the international stage — ultimately helping to establish the city as a regional reinsurance centre, according to AJG.
Frank Lu, current president of Jiang Tai Insurance brokers, is leading the new venture, which boasts a professional treaty and facultative team, and catastrophe modelling and dynamic financial analytical capabilities.
He said: “The partnership model of Jiang Tai Re is built on a powerful combination of Gallagher’s technical expertise, which is driving the creation of new and specialist reinsurance and risk solutions, and Jiang Tai’s extensive local relationships with clients that are keen to invest and expand beyond China.
“We believe Jiang Tai Re is well-placed to assist the government in its efforts to build a more diversified insurance market and sophisticated risk management system for catastrophe, agricultural and retirement programmes through its professional actuarial and reinsurance services. We are very excited by the potential.”
Vyvienne Wade, international commercial director, AJG, added: “Having invested so much time in building relationships with our colleagues at Jiang Tai and working out how best to combine our strengths, it is fantastic now to be fully equipped to support Chinese businesses as they develop their own international capabilities.”
