UK-based Willis Group Holdings, which expanded its high-net-worth (HNW) business recently, has opened a representative office in Myanmar.
According to Willis, the new office in Yangon will support the firm’s multinational and Asian client base.
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Additionally, the office will provide domestic business and the insurance industry in the country with a point of contact into the firm’s regional and global capabilities.
Adam Garrard, CEO of Willis Asia, said: "Myanmar’s insurance industry is at a relatively early stage in its development, and we are proud to be the first of the larger global brokers with an office there. We hope Willis’s global expertise and experience will help in the development of a strong insurance industry."
Khaing Zar Aung, chief representative officer of Willis Myanmar, added: "Our presence on the ground enables us to liaise closely with local and global clients and insurers in Myanmar, and to strengthen and build relationships.
"Willis has already developed a strong relationship with Myanmar Insurance by advising and placing reinsurance for its major risks.
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By GlobalData"The new office will help us build on such links. Importantly, Willis will now be in a position to help Myanmar’s insurance industry to access the very latest risk management innovations and to develop best practice."
