XL Group plc ("XL") on Friday announced that its new Property & Casualty (non-life) subsidiary in Shanghai, China, is open for business effective today. XL Insurance (China) Company Limited offers products and services in Property, Casualty, Specialty and Professional Lines and is led by Zheqiang (Al) Xie, as Chairman and CEO of this subsidiary.
Mike McGavick, XL's Chief Executive Officer, during the opening ceremony, said: "This is a significant step in the implementation of XL's strategy to strengthen its presence in emerging markets. I am delighted to be here in China to open our insurance operation and personally thank the China Insurance Regulatory Commission (CIRC) and the Shanghai government for their support in getting us to this day. We are excited to become part of the
Shanghai insurance market and to contribute our know-how to the further development of the Chinese economy."
Dave Duclos, CEO of XL's Insurance operations, commented, "We provide commercial insurance to the world's largest organizations. As the Chinese government looks to build Shanghai into an international financial and shipping centre, our team in Shanghai will provide its underwriting and claims expertise, working closely with our global network, to anticipate and respond to the needs of our clients and brokers in this tremendously vibrant city."
Zheqiang (Al) Xie brings twenty years experience in the Chinese insurance industry, having started his career with the People's Insurance Company of China ("PICC") in Beijing. In 1995 he was seconded to London to work in the PICC's UK subsidiary. Prior to joining XL Insurance, he held several management roles with Lloyd's in China, including setting up the Lloyd's representation in China and establishing Lloyd's full reinsurance operation, launched in Shanghai in 2007.
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. Its principal executive offices are located at No. 1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. More information about XL Group plc is available at www.xlgroup.com.