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The alliance offers "great benefit" for the network to grow international business out of Japan's market, said Grahame Weatherley, director and chief operating officer of Wells Fargo Global Broker Network.
MST Risk Consulting is a Japanese broker established in 1996 with branch offices in Tokyo, Nagoya and Osaka, as well as subsidiaries in Hong Kong and London. MST Risk Consulting is affiliated with Japanese conglomerate Mitsubishi UFJ.
The adding of MST Risk Consulting to the independent brokers network will enhance global customer services and resources, said Weatherley. This is also the network's strategy to strengthen the "depth" of business in Japan and Asia Pacific region.
Japan is one of the most important markets for the network, given with the country's key role in global industrial and export economy, said Weatherley. Indeed, there are lots of opportunities from Japanese multinational companies expanding into global markets and international firms investing in Japan, according to Weatherley.
Riding on MST Risk Consulting's affiliation with Mitsubishi UFJ, Weatherley said the new alliance offers "good connection" with Japanese customers. Mitsubishi owns subsidiaries in vast scope of international businesses including finance, trading and manufacturing, providing opportunities for the network's brokerage business across all commercial lines.
MST Risk Consulting's parent company, Mitsubishi UFJ has already established partnership in banking business with Wells Fargo Bank. In this respect, it creates good business synergy for the two entities in the new alliance.
MST Risk Consulting's new membership is paving the way for growth in Japan and international markets. The network is looking for outbound opportunities to bring business out of Japan to global markets, Weatherley told BestWeek Europe.
"We believe that this will give us the global reach and local servicing capability which we and our clients need," said Hajime Nara, president of MST Risk Consulting.
Japan is an interesting market controlled by domestic players in which Japanese firms tend to trade among themselves in very "closed" relationship, and this makes it "extremely difficult" for foreign players to win business from the Japanese circle. Without a Japanese partner, Weatherley said it is difficult to build up substantial business connection in the market.
Wells Fargo Global Broker Network first entered Japan market in 2001 and has Kyoritsu Insurance Brokers of Japan Co. Ltd. as a member. Most of its current customers came from international companies with subsidiaries in Japan.
With 330 offices in 70 countries and 10,000 employees, Wells Fargo Global Broker Network provides insurance brokerage services in 115 countries globally. The network said it produces revenue of more than US$1.8 billion (1.4 billion euros).
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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