Rare Earth Insurance Partners Shanghai (Rare Earth Shanghai) has launched in mainland China, becoming the first independent wholesale insurance broker in the region.
The company will offer commercial insurance products to both insureds and retail brokers.
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Rare Earth Shanghai is part of the +8 Partners insurance ecosystem.
At a signing ceremony in Shanghai, attended by around 100 clients, insurers, reinsurers and brokers, Rare Earth Shanghai signed two pivotal agreements.
The first is an exclusive deal to provide the latest logistics insurance products and bonds to Chinese members of the World Cargo Alliance, reputed to be the largest network of independent freight forwarders globally.
The second agreement, with Rare Earth Insurance Partners Hong Kong, builds on years of international cooperation.
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By GlobalDataIt grants Rare Earth Shanghai exclusive rights to use the Rare Earth brand in mainland China.
This partnership is expected to introduce new overseas insurance business into the Chinese market, potentially traded at the Shanghai International Reinsurance Centre.
Wang Wei will be the chairman of Rare Earth Shanghai, with Mark Gu as CEO.
Wang said: “Rare Earth Shanghai will bring new dimensions to the China insurance market – distributing first-class retail products to the local market, whilst bringing international business, expertise and systems from across our global network.”
Rare Earth Shanghai, serving as a specialty lines intermediary, will offer a connected insurance and reinsurance broking service.
It aims to optimise both inward and outbound reinsurance transactions, catering to an international network of clients and partners.
+8 Partners executive chairman Philip Bilney said: “The launch of Rare Earth Shanghai marks a genuine inflection point, not only in the development of the +8 ecosystem but indeed of the China market as a whole.
“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.”
