NU Online News Service, March 31, 3:10 p.m. EDT
Liberty Insurance Company Limited, a Liberty Mutual Group subsidiary, received approval from China's regulator to establish a branch in Guandong province.
Liberty says in a statement that the province is "the largest property and casualty insurance market in China."
The company says that pending final approval from the regulator, the China Insurance Regulatory Commission (CIRC), Liberty will be "the first foreign property and casualty company to offer personal lines products for Guangdong's 100 million consumers as well as a wide range of commercial lines products for small-to-medium enterprises."
At present, Liberty says it has operations in Chongqing in Southwestern China, Beijing in Northern China and Zhejiang in Eastern China.
As of Dec. 31, 2010, the company says it had 72,000 auto policyholders in these three markets and ranked fourth among 18 foreign P&C insurance companies operating in China.
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