Liberty Mutual Insurance Group, through its wholly owned subsidiary Liberty Insurance Company Limited (LICL), was granted final approval on June 27th to commence business in Shandong by the China Insurance Regulatory Commission (CIRC).
LICL’s Chongqing headquarters received CIRC approval in August 2012 to prepare for a provincial branch in Jinan, the capital of Shandong Province, the 4th largest property and casualty insurance market in China.
The announcement noted that it is the second “foreign property and casualty insurer in the province, and will offer personal lines products for Shandong’s 96 million people as well as a wide range of commercial lines products for small-to-medium enterprises. Shandong has a gross domestic product (GDP) of $794billion, making it China’s 3rd largest provincial economy.”
Liberty Mutual Insurance Group’s Chairman and CEO David H. Long commented: “Liberty Mutual’s strategy of seeking out markets in China that are largely untapped by the foreign property and casualty insurance market continues to meet with success. CIRC’s approval of our Shandong branch reinforces our reputation as a strong company committed to providing quality insurance in China.”
The insurer has had “a presence in China since 1996 when it opened a representative office in Shanghai,” said the bulletin. “In January 2004, 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 Company Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.”
Source: Liberty Mutual
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