Liberty Mutual Group, through its wholly-owned subsidiary Liberty Insurance Company Limited (LICL), has been granted approval to begin branch operations in Zhejiang by the China Insurance Regulatory Commission (CIRC). LICL, which is headquartered in Chongqing, received CIRC approval in December 2009 to open a branch in Hangzhou, Zhejiang Province.
Liberty Mutual noted that it is the “first foreign property and casualty company to operate in Zhejiang, a province of over 47 million people located 700 miles south of Beijing on China’s southeastern coast. All three of the company’s operations in China – Chongqing, Beijing and Zhejiang – will offer personal lines products and a wide range of commercial lines products.”
Group President David Long commented: “Liberty Mutual’s strategy of being the first insurer to enter markets untapped by foreign companies in China continues to be successful. CIRC’s approval of our Zhejiang branch reinforces our reputation as a strong company committed to providing quality insurance in China.”
The bulletin also noted that “Liberty Mutual has had a presence in China since 1996 when it opened a Representative Office in Shanghai. In January 2004, the company received approval to open its first insurance office in Chongqing, positioning Liberty Mutual as the first foreign property and casualty insurer with a presence in western China. In September 2007, Liberty Mutual received approval to have its Chongqing operation converted to a wholly owned subsidiary, which it named Liberty Insurance Company Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.”
Source: Liberty Mutual
Topics China
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