Rare Earth Insurance Partners Shanghai Officially Established to Become First Independent Wholesale Insurance Broker in Mainland China

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Oct 24, 2024, 08:43 ET

SHANGHAI, Oct. 24, 2024 /PRNewswire/ -- Rare Earth Insurance Partners Shanghai ("Rare Earth Shanghai") was officially launched in mainland China. Led by industry veterans Wang Wei and Mark Gu, Rare Earth Shanghai will be the first independent wholesale insurance broker in mainland China, providing expertise and competitive commercial insurance products to insureds and retail brokers. Rare Earth is member of the +8 Partners insurance ecosystem.

Philip Bilney, Executive Chairman, +8 Partners (left), and Mark Gu, Chief Executive Rare Earth Shanghai celebrate the new partnership.

Wei Wang, Chairman Rare Earth Shanghai (left) and Wang Damin, Vice President - China, WCAWorld shake hands after signing an agreement between the two business entities.

In a signing ceremony attended by some 100 clients, insurers, reinsurers, brokers and other guests in Shanghai last week, Rare Earth Shanghai entered into two key agreements which will shape the company's future. Firstly, an exclusive arrangement to supply the latest logistics insurance products and bonds to Chinese members of the World Cargo Alliance, the world's largest and most powerful network of independent freight forwarders.

Secondly, a wide-ranging agreement with Rare Earth Insurance Partners, Hong Kong which capitalizes on many years of international cooperation and experience, and which grants the new company exclusive permission to use the prestigious Rare Earth brand in mainland China. Leveraging this relationship will bring significant volumes of new overseas insurance Business into the China market which it is hoped will be traded in the Shanghai International Reinsurance Center.

Wang Wei will serve as Chairman of Rare Earth Shanghai, and Mark Gu is the new entity's CEO.

Mr. Wang remarked: "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."

Mr. Gu added: "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."

"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," says +8 Partners Executive Chairman Philip Bilney. "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."

"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," says David L Yokeum Chairman, WCA.

ABOUT RARE EARTH INSURANCE PARTNERS SHANGHAI

Rare Earth Insurance Partners Shanghai is a specialty lines intermediary, providing a connected and intelligent insurance and reinsurance broking service. Leveraging its relationships and expertise around the world, the company optimizes both inward and outbound reinsurance transactions, serving a global network of clients and partners.

For more information visit: www.rareearth-ch.com

ABOUT RARE EARTH INSURANCE PARTNERS HONG KONG

Rare Earth Insurance Partners Hong Kong is a member company of the +8 Partners ecosystem, a unique and accelerating group of associated insurance businesses, each with their own area of expertise and focus within the insurance industry and all providing best-in- -class service. Each brings perspective, connections, and a detailed understanding of the practical realities of (re)insurance ventures and projects.

For more information visit: https://rareearthpartners.com/

ABOUT PLUS EIGHT PARTNERS LIMITED
+8 Partners is a unique and accelerating ecosystem of associated insurance businesses, each with their own area of expertise and focus within the insurance industry and all providing best-in-class service. Each brings perspective, connections, and a detailed understanding of the practical realities of (re)insurance ventures and projects.

For more information, please visit: https://plus8hk.com

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Dyana Flanigan
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SOURCE +8 Partners