XL Capital Ltd. announced that it has received approval from the China Insurance Regulatory Commission (CIRC) to start preparation work to set up a P/C company in the country.
Following the approval, XL has a year to prepare to establish its operations in China. The effort will be led by Andrew Vigar, Regional Manager Asia for XL’s Insurance Operations. The bulletin explained that “after this period and upon receipt of all regulatory approvals and granting of the license, XL plans to establish an insurance subsidiary dedicated to serving both local international corporations, as well as its Global Program clients with operations in China.”
CEO Mike McGavick commented: “China’s importance to any global company is obvious, and we could not be more proud to have received this critical approval. We are committed to work closely with CIRC to ensure we fulfill all regulatory requirements to attain the operating license in due course.”
Dave Duclos, XL’s Chief Executive of Insurance Operations, noted that the “increasing number of local companies with international activities, and the importance of this market to our Global Program clients with activities there make it critical for us to be present in China. We look forward to the chance of bringing our global underwriting expertise and service capabilities to bear in this important market in the future.”
XL has had a representative office in Beijing since 2005, which, it said, “is dedicated to deepening the Company’s understanding of the market.”
Source: XL Capital – www.xlcapital.com
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