Liberty Mutual Group, a diversified global insurer, has received approval from the Chinese Insurance Regulatory Commission (CIRC) to establish a wholly owned subsidiary in that country. The subsidiary will be called Liberty Insurance Company, Ltd., and will be headquartered in the city of Chongqing, where the company has had an office since 2003.
Liberty Mutual said the license would allow it to expand its general insurance capabilities, including coverage for individuals and small and medium size businesses.
“A company can’t view itself as truly international without a strategy for conducting business in China,” said Edmund F. Kelly, Liberty Mutual Group chairman, president and CEO. “We have experienced strong growth in our international operations and view China as an integral component of our worldwide strategy. We appreciate everyone’s efforts and the attention CIRC has given to the licensing process.”
Liberty Mutual has had a presence in China since 1996 when it opened a Safety Representative Office in Shanghai. In 1998, Liberty Mutual opened its first Insurance Representative Office (IRO) in Chongqing, and in 2000 opened another IRO in Beijing.
In December 2003, Liberty Mutual opened a branch operation in Chongqing, located in the western part of China, to provide insurance to foreign businesses operating in China and personal accident insurance to individuals. In June 2005, Liberty Mutual’s Chongqing office wrote its first auto insurance policy.
About Liberty Mutual Group
Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2006 direct written premium. The Company also ranks 95th on the Fortune 500 list of largest corporations in the U.S. based on 2006 revenue. As of December 31, 2006, Liberty Mutual Group had $85.5 billion in consolidated assets, $74.6 billion in consolidated liabilities, and $23.5 billion in annual consolidated revenue.
Liberty Mutual Group (www.libertymutual.com) employs over 39,000 people in more than 900 offices throughout the world.