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Tower Group Establishes Presence in China's Insurance Market
New Zealand Tower Financial Services Group, one of the leading financial and insurance companies in the country, officially launched an insurance representative office in Beijing on October 22, becoming the first company from New Zealand to open such an office in China.
The move marks the first step by Tower Group in the process of entering China's insurance market, which is believed to have vast potential as indicated by the country's sustained fast economic growth, huge population and a relatively high level of savings deposits, said James Boonzaier, managing director of the Group.
"We are looking forward to the opportunity of offering our products and services to the people of China," he said, adding that his company is seeking to apply for a business license in China through the country's insurance market regulators.
Addressing the opening ceremony for the Tower Insurance Beijing Representative Office, Dr. Peter Adams, the New Zealand Ambassador to China, said that China's impending entry into the World Trade Organization will create a new context for the long-standing trade and investment relationship between New Zealand and China, and for their new partnership in the insurance sector as well.
Adams said that he hopes Tower, with an operation history of over 130 years, will share its experiences with its Chinese counterparts in the development of new products, management theory, listing on the stock market and fund application and management.
Participants in the opening ceremony also include officials from China Insurance Regulatory Commission, the industry watchdog, as well as representatives of China's major insurance companies.
Industry experts point out that Tower's corporate journey from a state authority through semi-autonomy to a fully independent commercial operation mirrors the experience of many Chinese insurers, and its presence in China will be of mutual benefit to both sides.
With risk insurance, assets management, savings and investment and trustee services as its core business, Tower Group has been one of the fastest growing financial service businesses in New Zealand and Australia for more than a decade.
Tower Group currently has 22 billion New Zealand dollars in assets under management and over 900,000 customers, with the number of its employees exceeding 1,800.
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