Liberty Mutual, in a ceremony at Hanoi today, received a license to operate a general insurance company in Vietnam from the government's Ministry of Finance, the company announced.

The Boston-based insurer said it now has approval to operate a wholly owned general insurance company in Vietnam.

Company officials were given the license by Vietnam Minister of Finance Vu Van Ninh at a private signing ceremony with Vietnam Prime Minister Nguyen Tan Dung at the International Convention Center.

The function took place during the APEC Economic Leaders' Meeting. Liberty Mutual said it has had a presence in Vietnam since 2003 when it opened its first representative office in Hanoi.

Under its license, Liberty Mutual said it will operate a general insurance company, Liberty Insurance, providing home, auto, travel and health insurance to individuals and property, liability, marine cargo and commercial auto to small-to-medium size enterprises throughout Vietnam.

“We are pleased that the government of Vietnam has granted us a license to enter its growing insurance market,” said Edmund F. Kelly, Liberty Mutual's chairman, president and CEO.

“Vietnam's entry into the WTO creates exciting opportunities for us as increased trade will add further momentum to the country's growth and prosperity,” he said.

Tom O'Dore, Liberty Mutual's country manager, said: “From local businesses to the country's significant infrastructure projects, our personal and business insurance products will help people protect the assets of both their companies and their families. I look forward to officially opening our doors and helping develop the insurance industry in Vietnam.”

Liberty said, in addition to providing insurance coverage in Asia, its Research Institute for Safety does work in the area.

This September the Research Institute signed a memorandum of understanding with the National Institute of Occupational and Environmental Health (NIOEH) in Vietnam to open a joint research institute in Hanoi, Liberty said.

According to the company the operation will be called the Liberty SafeWork Center and officially open in early 2007. Liberty said the Center will host ongoing safety research projects conducted throughout Vietnam by researchers from NIOEH and Liberty Mutual's Research Institute. The research projects are funded by Liberty Mutual.

Since 2004, Liberty said the Research Institute has conducted a study in conjunction with the NIOEH to determine the total number of injuries in the country and how many of those injuries happen at work.

The goal, the company explained, is to provide Vietnam with a model for reporting workplace injuries as part of the prime minister's initiative to reduce work site injury in Vietnam dramatically over 10 years.

Liberty Mutual Group's international operations are managed through its strategic business unit, Liberty International.

Liberty International provides insurance products and services through two distinct approaches. The first is through locally domiciled insurance companies based around the world, which provide mostly personal insurance products and services. The second approach is through Liberty International Underwriters (LIU), which provides specialty commercial lines of insurance worldwide, including casualty, specialty casualty, marine energy, engineering and reinsurance.

Liberty International's operations reported approximately $3.9 billion in revenue in 2005.

The international operation has 7,000 employees and operations in the United States and 21 countries.

Boston-based Liberty Mutual Group is the sixth largest U.S. property and casualty insurer, with private passenger automobile as its largest line of business. It also offers homeowners, workers' compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, assumed reinsurance, fire and surety.

Special Reports /

Liberty Mutual Gets Vietnam License

Related Stories

Recommended For You