Posted on Aug 26, 2010 by Sergio Ulloa
Liberty Mutual Group continues its expansion in China by starting branch operations in Zhejiang, after having received the approval of the China Insurance Regulatory Commission (CIRC). Liberty Insurance Company Limited (LICL) had received approval from CIRC to open the branch in Hangzhou, Zhejiang Province in December 2009.
The Chinese Province of Zhejiang has a population of more than 47 million people, and is located 700 miles to the south of Beijing. There was no foreign company operating in Zhejiang offering property and casualty insurance products, which makes Liberty Mutual the first company to penetrate this segment of the market in that part of China.
In addition to its presence in Zhejiang, Liberty Mutual has operations in Chongqing and Beijing. Through the branches at these three locations the company will offer product lines for personal insurance and a wide range of commercial insurance.
Liberty Mutual first opened a representative office in Shanghai in 1996, their expansion in China continued in January of the year 2004 when the company received the approval to open its first insurance office in Chongqing, gaining the strategic position of being the first foreign insurance company to offer property and casualty insurance products in western China.
Then on September 2007, Liberty Mutual received approval from the CIRC to have its Chongqing operation converted to a wholly-owned subsidiary, becoming Liberty Insurance Company Limited (LICL). This gave LICL the distinction of becoming the only Fortune 500 company subsidiary head-quartered in Chongqing.
The President of Liberty Mutual Group, David Long, described the achievements of the company with the following words: "Liberty Mutual's strategy of being the first insurer to enter markets untapped by foreign companies in China continues to be successful. CIRC's approval of our Zhejiang branch reinforces our reputation as a strong company committed to providing quality insurance in China."
Insurance Company mentioned:
Liberty Mutual Group
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 employs over 45,000 people in more than 900 offices throughout the world.