Bermuda’s XL Capital Ltd announced its “involvement in an executive training and development program designed to help the People’s Republic of China identify and nurture future leaders among the country’s insurance regulators and executives.”
XL is the main financial sponsor of the “China Insurance Industry Executive Leadership Program,” which was developed in conjunction with the Aresty Institute of Executive Education at the Wharton School of the University of Pennsylvania. The GuoFa Capital Market Research Center is a co-sponsor. The program is the “first Sino-foreign insurance leadership course endorsed by the China Insurance Regulatory Commission to include sessions in both China and other countries,” said the announcement.
XL explained that the “five-day program will be conducted in two modules and is to be led by university professors, insurance scholars and executives, including XL Chairman, Michael P. Esposito, Jr., and XL President and Chief Executive Officer, Brian M. O’Hara.” The first series of classes, involving some 50 participants, will be held in Beijing.
A second module will take place in October in Philadelphia and Bermuda for 25 students selected from the first program. “Those who complete both modules will receive a certificate issued jointly by the CIRC and Wharton,” said the bulletin.
O’Hara commented: “We have been involved in the design and implementation of the program from the outset so I am very pleased to see it become a reality. As a cooperative partner, advisor and investor in the Chinese insurance industry, we are committed to its long-term development. Indeed, the recent opening of XL’s Representative Office in Beijing was a tangible first step that demonstrated our commitment to a country, which is fast becoming a major player in the global economy. Today, we are pleased to be able to take another step by offering our support to the China Insurance Industry Executive Leadership Program.
“Education is the overarching theme of XL’s Corporate Social Responsibility and we believe this program will lead to opportunities for growth for the Chinese insurance market and its people. We are now working closely with CIRC and our Chinese partners to help introduce international insurance theories and practice in China. We believe that this approach will not only contribute to the continuing growth and development of the industry but will support the Chinese Government’s goal of encouraging an awareness of global competition among the country’s domestic insurance companies.”
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