Liberty Mutual Group announced from its Boston headquarters that it has received a license to operate a wholly owned general insurance company in Vietnam. Liberty Mutual has had a presence in Vietnam since 2003 when it opened its first representative office in Hanoi.
The country’s Minister of Finance, Vu Van Ninh, presented Liberty Mutual with the license at a private signing ceremony with Vietnam Prime Minister Nguyen Tan Dung at the International Convention Center during the APEC Economic Leaders’ Meeting.
The new license enables Liberty Mutual to operate a general insurance company – “Liberty Insurance – that provides home, auto, travel and health insurance to individuals and property, liability, marine cargo and commercial auto to small to medium size enterprises throughout Vietnam,” said the bulletin.
“We are pleased that the government of Vietnam has granted us a license to enter its growing insurance market,” stated Edmund F. Kelly, Liberty Mutual’s Chairman, President and CEO. “Vietnam’s entry into the WTO creates exciting opportunities for us as increased trade will add further momentum to the country’s growth and prosperity.”
“From local businesses to the country’s significant infrastructure projects, our personal and business insurance products will help people protect the assets of both their companies and their families,” noted Tom O’Dore, Liberty Mutual’s Country Manager. “I look forward to officially opening our doors and helping develop the insurance industry in Vietnam.”
The bulletin also indicated: “In addition to providing insurance coverage, a key component of Liberty Mutual’s global presence, especially in Asia, is the work conducted by its Research Institute for Safety. In September 2006, the Research Institute signed a memorandum of understanding with the National Institute of Occupational and Environmental Health (NIOEH) in Vietnam to open a joint research institute in Hanoi called the Liberty SafeWork Center. Officially opening in early 2007, the Center will host on-going safety research projects conducted throughout Vietnam by researchers from NIOEH and Liberty Mutual’s Research Institute. The research projects are funded by Liberty Mutual.”
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