Liberty Mutual Fetes China Biggie In Asian Expansion
By Michael Ha
NU Online News Service, Dec. 11, 3:46 p.m. EST?The business lunch that Liberty Mutual Insurance Company gave this week in Boston during Chinese Premier Wen Jiabao's state visit to the United States is one more sign of insurers' interest in expanding operations in that country, a spokesperson at Liberty said.[@@]
Adrianne Kaufmann, the spokesperson, said, "Sponsoring this luncheon was a natural outgrowth of the work we are doing in China. There were over 200 leaders from Boston's business, academic and government communities. We had very positive, business-oriented discussions."
She noted that her company has "had a presence in China since 1996, and we just opened a branch operation this past month in Chongqing."
"We plan to offer insurance to foreign businesses operating in China, followed by personal accident insurance, and hope to expand by providing small commercial and automobile insurance," she said.
Over the past five years, Liberty Mutual has expanded its presence in China by developing safety and health research partnerships with the government and universities throughout the country, she said.
The company first established its presence in China in 1996 when it opened a safety representative office in Shanghai, and since then, the insurer has opened insurance representative offices in Chongqing and Beijing.
Ms. Kaufmann explained that Liberty Mutual chose Chongqing as the site of its branch operations because it's a city of 31 million people by the Yangtze River, making it a strategically important transportation hub for minerals and other natural resources between China and other countries. China has 1.3 billion in total population.
Liberty Mutual is one of the largest workers' compensation insurers in the United States. The company also offers homeowners and auto insurance, retirement products, and group and individual life insurance. Other services include risk-prevention services that analyze work sites and practices for safety, consulting, and physical rehabilitation centers. Last year, the company posted $508 million in net income, with $14.5 billion in sales.
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