Zurich Receives Approval for General Branch in Beijing

Zurich Financial Services Group announced that it has been granted a business license to establish a general insurance branch in Beijing. Both the China Insurance Regulatory Commission (CIRC) and the State Administration for Industry and Commerce (SAIC) have approved Zurich’s application to become the first foreign insurer to be granted a license to establish a general insurance branch in Beijing.

CEO James J. Schiro commented: “We are excited about the opening of our Beijing Branch, as it is in step with our strategy to grow profitably and serve our customers wherever they may do business. In bringing our financial strength and our global risk management expertise to corporate customers in China, we also expect to contribute to the development of the domestic insurance industry, which is vital for the overall economic development of the country.”

The new unit, “Zurich Insurance Company Beijing Branch,” will “focus on serving corporate customers, including foreign customers with activities in China and large and medium sized enterprises from China, particularly those with business overseas,” said the bulletin.

Johnny Chen, CEO of Zurich’s Greater China business, stated, “Zurich’s strong corporate platform positions us well to provide valuable risk insights and innovative products and services to corporate customers doing business in China. We also have an experienced General Manager in Steven Zhang and a strong team to support him.” Chen, a member of the Executive Committee of Zurich’s International Businesses Division, oversees operations in Mainland China, Hong Kong and Taiwan.

Zhang joined Zurich in 1997 as the Chief Representative of the Zurich Insurance Company Beijing Representative Office. Before joining Zurich, he worked ten years for the People’s Insurance Company (PICC), and his career path included the position of branch general manager with full management responsibility for marketing, underwriting, claims, IT, accounting and HR.

Topics China