Liberty Mutual Group announced that, through its wholly owned subsidiary Liberty Insurance Company Limited, it has been granted approval to establish a branch in Guangdong Province by the China Insurance Regulatory Commission (CIRC).
Liberty’s headquarters in China in Chongqing, received the CIRC’s approval on March 28, 2011, to prepare for a provincial branch in Guangzhou, Guangdong Province, which, Liberty noted, is “the largest property and casualty insurance market in China.
“Pending final CIRC approval, Liberty will be the first foreign property and casualty company to offer personal lines products for Guangdong’s 100 million consumers as well as a wide range of commercial lines products for small-to-medium enterprises. Bordering Hong Kong, Guangdong has a gross domestic product (GDP) of $702 billion making it China’s largest provincial economy.”
Liberty currently has operations in Chongqing in South-western China, Beijing in Northern China and Zhejiang in Eastern China. As of December 31, 2010, the company had 72,000 auto policyholders in these three markets and ranked 4th among 18 foreign property and casualty insurance companies operating in China.
Group Chairman and CEO Edmund F. Kelly commented: “Liberty Mutual Group continues to build its reputation as a strong provider of quality insurance products and as a company dedicated to helping people live safer, more secure lives. We thank CIRC for its decision, which represents another important milestone for our operations in China and our international business strategy, overall.”
Source: Liberty Mutual Group
Topics China Property Casualty
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