WTW expands Japan’s Corporate Risk & Broking business with new insurance brokerage service

Rhea-AI Summary

WTW (NASDAQ: WTW) has announced the expansion of its Corporate Risk & Broking business in Japan with a new insurance brokerage service through WTW Broker Japan Co., . The service will provide insurance solutions to commercial clients and wholesale facultative reinsurance placement services to partner brokers in Japan. The new retail brokerage operation, led by Tetsuro Nakazawa as Representative Director and COO, will employ over 10 brokers and risk advisors by early next year. The expansion focuses on specialty segments for large corporates and Japanese companies with overseas interests, including Natural Resources, Marine, Construction, Aviation, Crisis Management, and reinsurance business.

Positive

• Expansion into Japanese insurance brokerage market represents new revenue stream
• Strategic focus on specialty segments and large corporate clients indicates high-value business potential
• Establishment of dedicated team with over 10 brokers shows commitment to market growth

Negative

• None.

Insights

Insurance Industry Analyst

The launch of WTW Broker Japan represents a strategic expansion into one of Asia's largest insurance markets. Japan's corporate insurance sector, valued at over $100 billion, has traditionally been dominated by domestic players. This move allows WTW to tap into specialty segments like Natural Resources, Marine and Aviation, where margins are typically higher than standard corporate insurance.

The timing is particularly opportune as Japanese companies face mounting pressures from climate risks and cyber threats, creating increased demand for sophisticated risk management solutions. The focus on facultative reinsurance placement services also positions WTW to capture additional revenue streams from partner brokers and agencies. The appointment of Tetsuro Nakazawa, with his extensive experience in complex risk placements, signals WTW's commitment to building a robust specialty broking operation.

Market Research Analyst

This expansion aligns with broader market trends in Japan's evolving insurance landscape. The country's aging infrastructure and increasing natural disaster frequency create substantial opportunities in the property and casualty sectors. The focus on specialty segments and large corporates with international exposure is particularly strategic, as these segments typically command higher premiums and have more complex risk management needs.

With over 10 brokers planned by early next year, this represents a measured approach to market entry, allowing for controlled scaling while maintaining service quality. The combination of local expertise and WTW's global capabilities should provide a competitive advantage in securing complex risk placements.

TOKYO, Oct. 29, 2024 (GLOBE NEWSWIRE) -- WTW, (NASDAQ: WTW), a leading global advisory and broking solutions company, today announced the expansion of its Corporate Risk & Broking (CRB) business in Japan with the launch of an insurance brokerage service. The new service will offer insurance solutions to commercial clients, as well as wholesale facultative reinsurance placement services to partner brokers or agencies in Japan under the entity, WTW Broker Japan Co., Ltd.

Ryohei (Roy) Nakazawa, Head of WTW Japan, said: “We’re excited with the expansion of our additional service in Japan, introducing specialty broking solutions to Japanese companies. Working closely with the international and domestic insurance markets, we will focus on the speciality segments, particularly for large corporates and Japanese companies with overseas business interests. These include those in Natural Resources, such as Power Plants, Renewables and Mining, Marine, Construction, Aviation, Crisis Management, Rep & Warranty, Captive and reinsurance business.

At the same time, our existing agency company will continue to focus on the domestic corporate business and Japanese companies with global programmes, where we can support them in collaborating with their corporate in-house agencies.”

Luke Ware, Head of CRB Asia, WTW commented: “This underscores our commitment to support the evolving needs of our clients and strengthen our position in the market – to be Japan’s best risk advisor, specialty broker and client partner, with world-class analytical capability. Japanese businesses face increasing technology, cyber, supply chain and climate transition risks. In response, we offer deep industry knowledge and insights to help them mitigate these risks and optimize business performance.”

Headed by Tetsuro Nakazawa, Representative Director and Chief Operating Officer, WTW Broker Japan, the new retail brokerage operation will consist of over 10 brokers and risk advisors by the beginning of next year.

Tetsuro recently joined WTW and brings with him 25-years of insurance industry experience in Japan, Singapore and London. An industry veteran in facultative reinsurance broking, Tetsuro has dedicated himself to property and facultative reinsurance placements for large and complex Japanese corporate risks, having worked at leading international broking companies with agency and broking operations in the past.

Tetsuro said: “Japan’s corporate insurance market is undergoing a phase of transformation, and the role of independent international brokers is expected to grow in importance. WTW Broker Japan is positioned to work with corporate clients and insurance partners or agencies to support companies in securing insurance and fac reinsurance for complex risks. I am confident that our new broking business, armed with our group of specialists, can draw on the experience of our brokers and risk advisors globally, as well as our extensive network internationally to ensure that our clients and partners get the right insurance cover.”

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.

Media contact

Clara Goh: +65 6958 2542
clara.goh@wtwco.com

FAQ

What new service did WTW (WTW) launch in Japan in October 2024?

WTW launched an insurance brokerage service through WTW Broker Japan Co., , offering insurance solutions to commercial clients and wholesale facultative reinsurance placement services to partner brokers in Japan.

Who is leading WTW Broker Japan's new retail brokerage operation?

Tetsuro Nakazawa, who serves as Representative Director and Chief Operating Officer of WTW Broker Japan, is leading the new retail brokerage operation.

What market segments will WTW's new Japanese brokerage service focus on?

The service will focus on specialty segments for large corporates and Japanese companies with overseas interests, including Natural Resources, Power Plants, Renewables, Mining, Marine, Construction, Aviation, Crisis Management, Rep & Warranty, Captive and reinsurance business.