The world's third largest insurance broker, Willis Group Holdings Plc, has engaged the services of Michael Guo as its new head of Asia for capital markets operations. This move is a recognition of the company's need for more investment banking and related business.

Guo would be based out of Hong Kong and would be under the supervision of Tony Ursano, CEO of Willis Capital Markets and Advisory. According to the company, Guo would be joining the London based insurance firm from Boston Consulting Group, where he served as partner and managing director for financial services, which covers insurance, banking, brokerage and fund management businesses of the firm.

In a statement, Ursano said, "The hire underscores our commitment to becoming a major player in the insurance investment banking arena in Asia. His experience would be invaluable as we continue to expand our strategic advisory and capital markets offerings on a global bases."

The unit Guo would head provides advisory services to insurers and reinsurers on mergers and acquisitions. It also engages in underwriting services for securities like catastrophe bonds, a special kind of insurance that pays higher yields after loss of the principal due to disasters.