China Invests in London Blue Chips The State Administration of Foreign Exchange (SAFE), which is owned by the People's Bank of China, has invested GBP9 bn in multinational companies listed in London, The Sunday Telegraph reports. The Chinese have bought stakes in a portfolio of blue-chip companies, including HSBC, Tesco, Unilever, Aviva, British Energy, Cadbury, the London Stock Exchange and, as reported, the Drax Group. Lockton Granted Insurance License Insurance broker Lockton has received approval from the regulator to operate in China. The U.S.-based firm will start business later this month from its office in Shanghai, and will provide both insurance and reinsurance broking services nationally throughout China. Lockton is only the second foreign insurance broker to set up a wholly foreign owned enterprise (WFOE) in China, after Marsh was awarded a license in 2007.

A Virginia employee benefits firm with a major presence in Central Ohio on Monday announced a buyout deal with global insurance broker Willis Group Holdings Ltd. (WSH).

Richmond, Va.-based Hilb Rogal & Hobbs Co. (HRH) said it will be acquired by London-based Willis Group in a deal valued at $2.1 billion. Willis will buy all outstanding Hilb Rogal stock for $46 a share, representing a 49-percent premium over the firm’s Friday close of $30.89.

Hilb Rogal entered the Central Ohio market in 2001 with the purchase of Berwanger Overmyer Associates. The company, ranked last year as Central Ohio’s largest independent insurance agency, in 2007 recorded about $304 million in area-written premiums.

The deal is expected to close in the fourth quarter, pending Hilb Rogal shareholder and regulatory approval. Willis said the deal will more than double its North American revenue in its employee benefits sector, an area it has targeted

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