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 Liberty International News
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Liberty Mutual Insurance Company's Beijing Branch Opens for Business
February 05, 2009
Keywords: Business Insurance,Financial Strength,International Insurance
Company Gains Operating Approval from China Insurance Regulatory Commission (CIRC)
BOSTON - Liberty Insurance Company Limited (LICL), a wholly owned Chinese subsidiary of Liberty Mutual Insurance Company (Liberty Mutual) and part of the Liberty Mutual Group, has been granted approval to commence branch operations in Beijing by the China Insurance Regulatory Commission (CIRC). Headquartered in Chongqing, LICL received CIRC approval in July 2008 to open a Beijing branch, the first branch established by the company in China. It will offer personal lines products and a wide range of commercial lines products that focus on the needs of small-to-medium enterprises.
"Liberty Mutual is the first U.S. carrier operating in China to receive CIRC approval to operate a Beijing branch," said Liberty Mutual Group Chairman, President and CEO Edmund F. Kelly. "We thank CIRC for approving the Beijing branch. This branch office is an important milestone, allowing Liberty Mutual to expand its presence within China."
Liberty Mutual in China
Liberty Mutual has had a presence in China since 1996 when it opened a Representative Office in Shanghai. 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.
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. 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 45,000 people in more than 900 offices throughout the world.
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