Posted on 23 Aug 12 by Annie George
Liberty Mutual Insurance Group, through its wholly-owned subsidiary Liberty Insurance Company Limited (Liberty), 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 August 6, 2012 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.
Upon final CIRC approval, Liberty will be the 2nd 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 (GDP) of US$721 billion, making it China's 3rd 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. As of December 31, 2011, the company ranked 2nd largest by premium size among 21 foreign property and casualty insurance companies operating in China.
"Liberty Mutual continues to build its reputation in China as a strong provider of quality insurance products and as a company dedicated to helping people live safer, more secure lives," said Liberty Mutual Insurance Group's President and CEO David Long. "We thank CIRC for approval of our branch application and we look forward to the opportunities presented to us in this new region."
Liberty Mutual Insurance Group in China
Liberty Mutual Insurance Group has had a presence in China since 1996 when its subsidiary Liberty Mutual Insurance Company established a representative office in Shanghai. In January 2004, the company opened its first insurance office in Chongqing, positioning Liberty Mutual as the 1st 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. Liberty is the only Fortune 500 company subsidiary headquartered in Chongqing.
About Liberty Mutual Insurance Group
"Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2011 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 84th on the Fortune 100 list of largest corporations in the U.S. based on 2011 revenue. As of December 31, 2011, Liberty Mutual Insurance had $117.1 billion in consolidated assets, $99.3 billion in consolidated liabilities, and $34.7 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com ) employs over 45,000 people in more than 900 offices throughout the world.