Posted on 13 Dec 2011
Liberty Mutual Group, through its wholly owned subsidiary Liberty Insurance Company Limited (LICL), was granted final approval on November 17, 2011 to commence business in Guangdong by the China Insurance Regulatory Commission (CIRC). With this approval, the company commenced operations and issued its first insurance policy on December 2, 2011. Headquartered in Chongqing, LICL received CIRC approval in March this year to prepare for a provincial branch in Guangzhou, Guangdong Province -- the largest property and casualty insurance market in China.
Liberty Mutual is the first foreign property and casualty company focusing on the customer segments of personal lines and small-to-medium enterprises to serve Guangdong's almost 100 million consumers as well as its commercial and industrial organizations. With a gross domestic product (GDP) of US$702 billion, Guangdong is China's largest provincial economy.
With this new branch, Liberty now has four operations in China: Chongqing in western China, Beijing in northern China, Zhejiang in eastern China and Guangdong in southern China. As of October 31, 2011, the company had 93,000 auto policyholders in these markets and ranked the 2nd largest among 20 foreign property and casualty insurance companies operating in China.
"Liberty Mutual's strategy of being the first foreign insurer to enter large markets in China continues to be the key to our success," said Liberty Mutual Group President and CEO David Long. "CIRC's approval of our Guangdong branch demonstrates our commitment to providing quality insurance in China and reinforces our reputation as a strong global company."
Liberty Mutual in China
Liberty Mutual has had a presence in China since 1996 when it opened a representative office in Shanghai. In January 2004, the company received approval to open its first insurance office in Chongqing, positioning Liberty Mutual as the first foreign property and casualty insurer with a presence in western China. In September 2007, Liberty Mutual received approval to have its Chongqing operation converted to a wholly owned subsidiary, which it named Liberty Insurance Company Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.
About Liberty Mutual Group
Boston-based Liberty Mutual Group is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2010 direct written premium. The Company also ranks 82nd on the Fortune 500 list of largest corporations in the U.S. based on 2010 revenue. As of December 31, 2010, Liberty Mutual Group had $112.4 billion in consolidated assets, $95.4 billion in consolidated liabilities, and $33.2 billion in annual consolidated revenue.
Liberty Mutual Group offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, assumed reinsurance, fire, and surety. Liberty Mutual Group (www.libertymutualgroup.com ) employs over 45,000 people in more than 900 offices throughout the world.