American International Group, Inc. reported that its wholly owned subsidiary, AIG General Insurance Company China Limited, headquartered in Shanghai, Peoples Republic of China, has been granted approval by the China Insurance Regulatory Commission (CIRC) to establish a branch in Beijing.
This marks the first step in AIG General’s geographic expansion across China following its incorporation as a wholly owned foreign enterprise (WOFE) in September 2007. Prior to establishing AIG General last year, its parent company AIU Insurance Co. had operated branches in Shanghai, Guangdong, and Shenzhen, which were subsequently consolidated into AIG General at the time of its incorporation.
AIG Chairman and Chief Executive Officer Robert B. Willumstad said approval of a Beijing branch of AIG General is an important step forward in AIG’s international growth strategy.
According to AIG General President and Chief Executive Officer Peter H. Flint, Beijing is a strategically important market for AIG General. “As the country’s political center and seat of the central government, it offers significant growth potential. Beijing is one of the world’s largest cities,” he said.
AIG traces its roots to China, where its earliest predecessor companies were founded by Cornelius Vander Starr in Shanghai in 1919. In 1992, AIG became the first foreign insurance organization to receive a license to operate general and life insurance business in the People’s Republic of China.
AIG General will join several other AIG Companies with operations in Beijing, including AIG Business Consulting Company Limited and its life operation American International Assurance Co. Limited, which has expanded to 17 locations across Beijing since establishing its Beijing Branch in 2002.
Source: American International Group, Inc.
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