Company gains approval from China Insurance Regulatory Commission (CIRC)
Boston (BUSINESS WIRE) - Liberty Insurance Company 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 in China
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 Company Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.
About Liberty Mutual Group
Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2007 direct written premium. The Company also ranks 94th on the Fortune 500 list of largest corporations in the U.S. based on 2007 revenue. As of December 31, 2007, Liberty Mutual Group had US$94.7 billion in consolidated assets, US$82.3 billion in consolidated liabilities, and US$25.9 billion in annual consolidated revenue.
Liberty Mutual Group offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, assumed reinsurance, fire and surety.
Liberty Mutual Group (www.libertymutualgroup.com) employs over 41,000 people in more than 900 offices throughout the world.
Liberty Mutual Group
Richard Angevine, 617-574-6638
Richard.Angevine@libertymutual.com
Boston (BUSINESS WIRE) - Liberty Insurance Company 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 in China
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 Company Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.
About Liberty Mutual Group
Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2007 direct written premium. The Company also ranks 94th on the Fortune 500 list of largest corporations in the U.S. based on 2007 revenue. As of December 31, 2007, Liberty Mutual Group had US$94.7 billion in consolidated assets, US$82.3 billion in consolidated liabilities, and US$25.9 billion in annual consolidated revenue.
Liberty Mutual Group offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, assumed reinsurance, fire and surety.
Liberty Mutual Group (www.libertymutualgroup.com) employs over 41,000 people in more than 900 offices throughout the world.
Liberty Mutual Group
Richard Angevine, 617-574-6638
Richard.Angevine@libertymutual.com
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