Posted on 01 Apr 2011
Liberty Mutual Group, through its wholly owned subsidiary Liberty Insurance Company Limited, has been granted approval to establish a branch in Guangdong province by the China Insurance Regulatory Commission (CIRC). Headquartered in Chongqing, Liberty received CIRC’s approval on March 28, 2011, to prepare for a provincial branch in Guangzhou, Guangdong Province -- the largest property and casualty insurance market in China.
Pending final CIRC approval, 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. Bordering Hong Kong, Guangdong has a gross domestic product (GDP) of US$702 billion making it China’s largest provincial economy.
At present, Liberty has operations in Chongqing in Southwestern China, Beijing in Northern China and Zhejiang in Eastern China. As of December 31, 2010, the company had 72,000 auto policyholders in these three markets and ranked 4th among 18 foreign property and casualty insurance companies operating in China.
"Liberty Mutual Group continues to build its reputation as a strong provider of quality insurance products and as a company dedicated to helping people live safer, more secure lives,"said Liberty Mutual Group Chairman and CEO Edmund F. Kelly. "We thank CIRC for its decision, which represents another important milestone for our operations in China and our international business strategy, overall.”
Liberty Mutual Group in China
Liberty Mutual Group has had a presence in China since 1996 when its subsidiary Liberty Mutual Insurance Company opened a Representative Office in Shanghai. In January 2004, the company received approval to open its first insurance office in Chongqing, positioning Liberty Mutual Group 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. Liberty 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 fifth largest property and casualty insurer in the U.S. based on 2009 direct written premium. The Company also ranks 71st on the Fortune 500 list of largest corporations in the U.S. based on 2009 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 employs over 45,000 people in more than 900 offices throughout the world.