The China Insurance Regulatory Commission formally approved the establishment of a Aon-COFCO subsidiary in Beijing on June 20. This is the first joint venture insurance broker to be set up in Beijing. Less than two years after the joint venture insurance broker opened for business, it has accelerated its territorial expansion in China.
Aon-COFCO first opened for business in Shanghai on November 14, 2003 with registered capital of 30 million yuan RMB. Each of the partners, COFCO, China’s largest food enterprise, and Aon, the world’s second largest comprehensive insurance broker, holds a 50% stake in the venture. According to the latest statistics released by the China Insurance Regulatory Commission in the “2005 Report on the Development of the Insurance Brokerage Market,” Aon-COFCO has jumped into the top ten insurance brokers when ranked according to revenue.
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First Joint Venture Insurance Broker Established in Beijing
Release Time : 2012-03-20
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