Boston-based Liberty Mutual Group, through its wholly owned subsidiary Liberty Insurance Company (LICL), will establish a branch in Zhejiang, thanks to approval by the China Insurance Regulatory Commission (CIRC).
Headquartered in Chongqing, the company's Chinese operations received CIRC approval to prepare for a provincial branch in Hangzhou, Zhejiang province, the third-largest property and casualty insurance market in China, according to a Business Wire report.
The company claims that it will be the first foreign property/casualty company to operate in Zhejiang, a province of more than 47 million people located 700 miles south of Beijing on China’s southeastern coast. The Zhejiang operation joins the company’s two current operations in China, located in Chongqing and Beijing, in offering personal lines products and a range of commercial lines products that focus on the needs of small-to-medium enterprises.
Edmund Kelly, chairman, president and CEO of Liberty Mutual Group, said: “The continued success of our strategy in China reinforces Liberty Mutual’s reputation as a leading foreign property and casualty insurer among consumers. CIRC’s approval of our third location is testament to our reputation and we thank them for their decision. We are pleased that they share our view of Zhejiang as a market with strong insurance growth potential and we look forward to entering this dynamic region.”
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