Revealed – mainland China’s first independent wholesale insurance brokerage
Revealed – mainland China’s first independent wholesale insurance brokerage | Insurance Business Asia
Insurance News
Revealed – mainland China’s first independent wholesale insurance brokerage
Two key agreements announced
Insurance News
By
Roxanne Libatique
Rare Earth Insurance Partners Shanghai, known as Rare Earth Shanghai, has commenced operations as mainland China’s first independent wholesale insurance brokerage.
Headed by Wang Wei as chairman (pictured left) and Mark Gu as CEO, the firm seeks to bring tailored commercial insurance solutions to Chinese retail brokers and policyholders.
First independent wholesale insurance broker in mainland China
The company’s opening was marked by a signing ceremony in Shanghai, drawing around 100 clients, insurers, reinsurers, and brokers from across the industry.
During the event, Rare Earth Shanghai formalised two foundational agreements.
Rare Earth Shanghai partners with World Cargo Alliance
The first arrangement, exclusive to the Chinese market, allows the new brokerage to offer specialised logistics insurance products and bonds to members of the World Cargo Alliance (WCA), a global network for independent freight forwarders.
David L Yokeum, chairman of WCA, highlighted the partnership’s significance, pointing to Rare Earth Shanghai’s experienced team and expertise in logistics insurance.
“We are delighted to form this new partnership with Rare Earth to serve our members’ insurance needs in China. With this reliable and trustworthy insurance partnership, we can proudly offer the best-in-class insurance for our Chinese members,” he said.
Rare Earth Shanghai partners with Rare Earth Insurance Partners Hong Kong
In addition, Rare Earth Shanghai reached a strategic agreement with its affiliate, Rare Earth Insurance Partners Hong Kong.
This partnership allows Rare Earth Shanghai exclusive use of the Rare Earth brand within mainland China, intending to foster a steady flow of international insurance business to the Shanghai International Reinsurance Center.
Rare Earth Shanghai growth plans
Wang Wei emphasised that the firm would distribute innovative retail insurance products across China while tapping into international expertise from its network.
“Rare Earth Shanghai will bring new dimensions to the China insurance market – distributing first class retail products to the local market, while bringing international business, expertise, and systems from across our global network,” he said.
CEO Mark Gu added that market feedback has been favourable, suggesting significant opportunities for collaboration.
“We have been delighted by the market’s reaction to the launch of Rare Earth Shanghai and the many opportunities this will open up for our friends and partners across the country,” he said.
Rare Earth Shanghai to benefit +8 Partners
Rare Earth Shanghai operates within the +8 Partners insurance ecosystem, a global network providing resources and support across the insurance industry.
Philip Bilney, executive chairman of +8 Partners, described the Shanghai launch as a step forward in the development of the +8 ecosystem and the insurance landscape in China.
“We are privileged and excited to be a part of this outstanding initiative which will further position +8 and its member companies as leaders in our respective fields,” he said.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
