Insurance Broker Willis Steps up China Foray.

(From SinoCast China Financial Watch)

SHANGHAI, November 18,. 17, SinoCast -- Willis Group Holdings Ltd (WSH.NY) has won approval to take over its joint venture insurance brokerage company in China, it said in a statement, where it is already "in a leadership position". The company, with global headquarters in London, said it is becoming the controlling shareholder in Shanghai-based Willis Pudong Insurance Brokers Co. with registered capital of CNY 30 million. The foreign ownership in the one-year joint venture is approved to increase by one percentage point from the current 50 percent, it said on Monday. Willis is the first foreigner holding "a majority share in a …