WILLIS Group Holdings plans to buy out its Chinese joint venture and make it a wholly-owned unit.

Willis yesterday said it will rename the joint venture, previously known as Willis Pudong Insurance Brokers Ltd, into Willis Insurance Brokers Co to better leverage its global resources under one brand.

In 2004, Willis bought a 50 percent stake in Shanghai Pudong Insurance Brokers Ltd and made the joint venture. The London-based broker increased its stake to 51 percent in 2005, making it the first foreign-controlled broker in China.

"We fully intend to buy the remaining stake of the joint venture," said Joseph Plumeri, chairman and chief executive officer of the New York-listed company, yesterday in Shanghai.

Plumeri did not give a timetable.