NU Online News Service, Aug. 20, 10:07 a.m. EDT
Liberty Mutual Insurance Group, through its wholly-owned subsidiary Liberty Insurance Co. Ltd., has been granted approval to establish a branch in Shandong province by the China Insurance Regulatory Commission (CIRC).
Headquartered in Chongqing, Liberty received CIRC's approval on Aug. 6, to prepare for a provincial branch in Jinan, the capital of Shandong Province, which is the 4th largest property and casualty insurance market in China, says Liberty.
Upon final CIRC approval, Liberty says it will be the second foreign property and casualty insurer in the province, and will offer personal lines products for Shandong's 96 million people as well as a wide range of commercial lines products for small-to-medium enterprises.
Shandong has a gross domestic product of $721 billion, making it China's third largest provincial economy.
At present, Liberty has operations in Chongqing in the west, Beijing in the north, Zhejiang province in the east and Guangdong province in the south of the country.
Liberty Mutual Insurance Group says it has had a presence in China since 1996 when its subsidiary Liberty Mutual Insurance Co. established a representative office in Shanghai.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.