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.
Upon receipt of regulatory approval and granting of the license, XL said it plans to establish an insurance subsidiary dedicated to serving both local and international corporations, as well as its Global Program clients with operations in China.
Chief Executive Officer Mike McGavick said in a statement, "China's importance to any global company is obvious, and we could not be more proud to have received this critical approval. We are committed to work closely with CIRC to ensure we fulfill all regulatory requirements to attain the operating license in due course."
Dave Duclos, XL's chief executive of insurance operations, said, "The increasing number of local companies with international activities, and the importance of this market to our Global Program clients with activities there make it critical for us to be present in China. We look forward to the chance of bringing our global underwriting expertise and service capabilities to bear in this important market in the future."
XL said it has had a representative office in Beijing since 2005, dedicated to deepening the company's understanding of the market.
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