Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has added Shanghai to its international property and casualty hub as the firm looks to enhance its global placement model for clients.
Initially focused on the coordination of placement activity across London, Bermuda, and Singapore, the Global Markets P&C Hub further strengthens the ability of the broker’s placement teams to act as a single entity.
With the addition of Shanghai, the Hub is able to facilitate increased sharing of ideas, expertise, innovation and perspectives across the Asia Pacific region.
Globally, the P&C team has more than 145 experts who can collaborate to assess client needs in order to establish the best marketplace for placements and where appropriate, provide global market solutions for clients.
Garret Gaughan, Head of Global Markets P&C, WTW, commented: “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, including in the Asian region.
According to WTW, the Hub is expected to expand into other countries in 2021 as part of a second phase.
Wise Xu, Head of Corporate Risk & Broking, China and Head of China at WTW, 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.”
