NU Online News Service, Dec. 28, 1:32 p.m. EST
Boston--based insurer Liberty Mutual Group said it has received permission from the China Insurance Regulatory Commission (CIRC) to open its third office in the country.
Liberty Mutual said its wholly owned subsidiary, Liberty Insurance Company Ltd, was granted approval by the CIRC to establish a branch in Zhejiang, China, on Dec. 14.
Headquartered in Chongqing, China, Liberty Mutual's Chinese operations will open a provincial branch in Hangzhou, Zhejiang Province, the third largest property and casualty insurance market in China, the carrier said.
Liberty Mutual said it will be the first foreign P&C company to operate in Zhejiang, a province of over 47 million people located 700 miles south of Beijing on China's southeastern coast.
The Zhejiang operation joins the company's two current operations in China--located in Chongqing and Beijing--in offering personal lines products and a wide range of commercial lines products that focus on the needs of small-to-medium enterprises.
"The continued success of our strategy in China reinforces Liberty Mutual's reputation as a leading foreign property and casualty insurer among consumers," said Liberty Mutual Group Chairman, President and Chief Executive Officer Edmund F. Kelly. "CIRC's approval of our third location is testament to our reputation and we thank them for their decision."
The company said it has had a presence in China since 1996 when it opened a representative office in Shanghai. In 2004 it opened its first insurance office in Chongqing. In 2007, Liberty Mutual received approval to have its Chongqing operation converted to a wholly owned subsidiary, which it named Liberty Insurance Company Ltd.
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