NU Online News Service, Nov. 19, 11:44 a.m. EST

XL Capital Ltd said it has received approval from the China Insurance Regulatory Commission (CIRC) to start preparation work to set up a property and casualty insurance company in China.

XL said it has a year to prepare to establish its operations in China as part of CIRC's license approval process. The new business will be under the leadership of Andrew Vigar, regional manager Asia for XL's Insurance Operations.

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