Nacora Insurance Brokers Cleared for Third Chinese Office

Nacora Insurance Brokers Ltd., a Swiss-based independent insurance broker, won permission from China's insurance regulator to set up a third representative office in Shenzhen, after its earlier established Beijing and Shanghai branches in China.

According to the China Insurance Regulatory Commission, the new branch will be named Nacora Insurance Brokers Ltd. Shenzhen Representative Office. Yuen Qingguang has been approved as chief representative of the branch.

Apart from the three representative offices in China, Nacora also established an office in Hong Kong in 1989, concentrating on brokerage services. It has diversified its products to commercial insurance, personal lines and specialties. In 1991, the insurance broker expanded its business to Macau and established a local branch there.

Nacora currently has operations in Hong Kong, Macau, China, Taiwan, Singapore, United Arab Emirates, Australia and New Zealand across the Asia-Pacific region. In 2007, its Asia-Pacific market accounted for 13% of total business.

Headquartered in Schindellegi, Switzerland, Nacora Insurance Brokers is a member of an international forwarding company, Kuehne + Nagel, which has developed from a traditional international freight forwarder to a leading global provider of integrated supply chain solutions for a range of industries in more than 100 countries.

Founded in the 1970s, Nacora originally operated as an insurance company. With the growing globalization, the insurance broker decided to change its company structure from insurance company to insurance broking firm with international representation.

Currently, its global network covers 30 countries and one underwriting agency for marine insurance, said Nacora.

(By Rebecca Ng, Hong Kong news editor: [email protected])