Liberty Insurance Co. Limited (LICL), a wholly owned subsidiary of Liberty Mutual Group, has been granted approval to establish a branch in Beijing by the China Insurance Regulatory Commission (CIRC).
Beijing is the first branch established by LICL in China and will offer various personal lines products, including auto, and a wide range of commercial lines products with a focus on small-to-medium enterprises.
“Over the past four years we have significantly increased our presence in Asia as part of an overall strategy of investment and growth for the future,” said Liberty Mutual Group Chairman, President and CEO Edmund F. Kelly. “CIRC approval of a Beijing branch marks another major step for us and is a result of the support provided by the Mayor of Chongqing and his city government throughout the approval process.”
Liberty Mutual has had a presence in China since 1996 when it opened a Representative Office in Shanghai. In December 2003, 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 Co. Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.
Source: Liberty Mutual Group
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