JLT Lixin Launches Beijing Branch
Branch expansion will widen geographic footprint and contribute to industry-standard benchmarks in emerging insurance market.
Beijing, People's Republic of China, 27 February 2008
JLT Lixin Insurance Brokers has further strengthened its presence in China through a new branch office in Beijing. The new branch will allow JLT Lixin to significantly enhance its footprint, extending it to the capital and beyond to nearby cities.
Since 2006, JLT has grown its presence and market share in China aggressively. The company, which had been operating representative offices since 1999, entered into a joint venture with Guangdong Revenco Enterprises Co. Ltd. in 2006 to establish JLT Lixin. Within a year, JLT Lixin grew to be one of the top insurance brokers in Guangdong Province, based on revenue numbers reported by the China Insurance Regulatory Commission (CIRC). Late last year, the company opened its Shanghai Branch.
JLT Lixin's products and services in China cater to all the major operating risks that companies face, with specialist expertise in high-risk exposures like earthquakes and terrorism, as well as for industry-specific risks - in aviation, construction, energy, financial solutions and marine. Specific focus areas include risk management advisory, such as for mergers & acquisitions and initial public offerings, claims consultancy, property & liability and employee benefits.
JLT Lixin General Manager Alex Yip said: "Our client base in China has been growing progressively and we have secured a number of new clients in Beijing in the recent past. We are always focused on providing our clients with exceptional service and our Beijing branch will allow us to do just that. The fact that many of our clients have their headquarters in Beijing makes it all the more important to maintain a presence in that city."
Between January and November 2007, according to the CIRC, total premiums in Beijing were valued at 45.3 billion RMB, making it one of the biggest insurance markets within the country. Given that the total value of premiums in the whole of China in 2006 was 564 billion RMB, constituting just 0.27% of the country's GDP of 210 trillion RMB, the capacity for future growth of this industry is immense.
JLT Asia Managing Director Warren Merritt said: "The proactive attitude of the authorities in progressively liberalising the insurance industry has been a factor in the growth of the market, and importantly, in the introduction of global benchmarks and standards. As one of the leading insurance service providers in Asia, we are ideally placed to make a positive contribution to the increasing sophistication of risk and insurance knowledge in this market."
About JLT Lixin Insurance Brokers Co., Limited
JLT Lixin Insurance Brokers Co., Limited (JLT Lixin) is a risk management adviser, insurance and reinsurance broker headquartered in Guangzhou, the capital of Guangdong Province in southern China. The company offers a full range of insurance related products and services to corporations, government and institutions across China under the legislation and regulations of the People's Republic of China and the rules of the China Insurance Regulatory Commission (CIRC). JLT Lixin is a joint venture formed by Jardine Lloyd Thompson Group plc. (JLT) (51%) and Guangdong Revenco Enterprises Co. Ltd. (Revenco) (49%).
About Jardine Lloyd Thompson Asia
Jardine Lloyd Thompson (JLT) Asia, a wholly owned subsidiary of the Jardine Lloyd Thompson Group, is a market leader in insurance & reinsurance broking, risk management and consultancy services. Employing over 600 industry professionals across 12 major territories in the region, JLT Asia's technical abilities and knowledge span a wide range of industries and specialist areas. Our insurance specialists are renowned for their innovative approach to developing integrated insurance, reinsurance and alternative risk transfer solutions that address the complex risks inherent in Asia.
Integrity is a hallmark of the JLT organisation. We believe that our quality and compliance regimes are the most thorough in the industry. You can obtain more information about JLT Asia at: www.jltasia.com
Enquiries:
Alex Yip
General Manager, JLT Lixin
Tel: +86 (20) 3825 1128
Fax: +86 (20) 3825 1997
K. Dorai Raja
Corporate Communications Manager
Tel: +65 6430 4570
Email: Dorai_Krishnan@jltasia.com