UK-based global risk advisor Willis Group opens a new office in Myanmar as it seeks to expand its coverage of Asia.

Willis Group, the US-listed global risk advisor, insurance and reinsurance broker which expanded its high net worth business recently, is expanding into Myanmar, according to a statement by the firm.

The decision to open a representative office in Yangon, Myanmar's capital, will provide domestic business and the insurance industry in the country with a point of contact into the company's regional and global capabilities. 

"This is an unmissable opportunity at a turning point in Myanmar’s economic history. Our presence on the ground enables us to liaise closely with local and global clients and insurers in Myanmar, and to strengthen and build relationships," said Khaing Zar Aung, chief representative officer. 

The office opened on 1 March 2014 after receiving a go-ahead from the Directorate of Investment and Company Administration. 

Willis, which has over 400 offices worldwide, acquired life insurance firm Charles Monat in January 2014 to strengthen its coverage, particularly in Asia. (To see that story, click here.) The insurer deals with high net worth individuals through operations in Hong Kong, Singapore, Switzerland and the US. The firm is listed on the US stock exchange.