Rare Earth unveils wholesale insurance broker in mainland China

Rare Earth Insurance Partners Shanghai (Rare Earth Shanghai), member of the +8 Partners ecosystem, has officially launched in mainland China as the first independent wholesale insurance broker in the territory. 

The company, which is led by industry veterans Wang Wei and Mark Gu, will reportedly provide expertise and competitive commercial insurance products to insureds and retail brokers. 

Wang Wei will serve as Chairman of Rare Earth Shanghai, while Mark Gu will serve as the new entity’s CEO.

At a recent signing ceremony held in Shanghai, Rare Earth Shanghai entered into two key agreements which are expected to shape the firm’s future across the industry.

Firstly, an exclusive arrangement was made to supply the latest logistics insurance products and bonds to Chinese members of the World Cargo Alliance, the world’s largest network of independent freight forwarders.

Secondly, a wide-ranging agreement was also made with Rare Earth Insurance Partners, Hong Kong which capitalises on a significant number of years of international cooperation and experience, and which grants the new company exclusive permission to use the Rare Earth brand in mainland China.

From what Reinsurance News understands, leveraging this relationship is expected to bring substantial volumes of new overseas insurance business into the China market which it is hoped will be traded in the Shanghai International Reinsurance Center.

Wang, commented: “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.”

Gu, said: “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.”

+8 Partners Executive Chairman Philip Bilney, commented on the launch: “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.”

David L Yokeum Chairman, WCA, added: “WCA and WIS have been working very hard doing our very best to find insurance solutions for our members in China over the years. We are delighted to form this new partnership with Rare Earth to serve our members’ insurance needs in China. The combined international supply chain insurance experience of Rare Earth China’s management team is decades. With this reliable and trustworthy insurance partnership, we can proudly offer the best-in-class insurance for our Chinese members.”

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