Willis Towers Watson expands global P&C hub in Asia push
Broker Willis Towers Watson has added Shanghai to its global markets property & casualty hub, along with London, Bermuda and Singapore, in a move designed to extend its global placement model across the Asia Pacific region.
The move reflects the strategic importance of the Chinese insurance market to the broker, which is said to be the second largest insurance market globally next to the US.
WTW stated that the addition of Shanghai will enable the hub to facilitate increased sharing of ideas, expertise, innovation and perspectives across the APAC region, as well as enhance the coordination of placement activity with other hubs in London, Bermuda and Singapore.
The company expects to further broaden the hub into other countries as part of a second phase expected throughout 2021.
Garret Gaughan, head of global markets P&C, Willis Towers Watson, said: “We are delighted to be broadening the reach of our Global P&C hub which will ensure we continue to provide our clients with access to the best solutions available in the global marketplace. We offer a true broking across borders approach to global placements underpinned by strong data and analytics. This global service proposition places us at the forefront of our industry.
“The addition of Shanghai to the Hub demonstrates Willis Towers Watson’s commitment to delivering innovative solutions and support to our clients through challenging times, particularly in the Asian region.”
Wise Xu, head of corporate risk & broking, China and head of China at Willis Towers Watson, added: “We are pleased to see that Shanghai has joined the Global Markets P&C Hub along with London, Bermuda and Singapore. This reflects the strategic importance of the China insurance market, being the second largest insurance market globally next to the US.
“Clients in China can now access global insurance capacity more efficiently through our Shanghai hub and benefit from our truly global marketplace strategy. At the same time, the dynamics of China’s emerging markets will also provide competitiveness and flexibility to our global clients. This will help to introduce more innovative solutions to the Chinese insurance market to satisfy the risk transfer needs of clients in China.”
