Liberty Mutual Opens Fourth Branch in China

The branch in Guangdong Province is the largest property and casualty insurance market in China, according to the company.

Liberty Mutual Group has opened its fourth branch in China, with the company announcing Dec. 12 that its new branch in Guangdong has opened for business. The company, through wholly owned subsidiary Liberty Insurance Company Limited (LICL), was granted final approval on Nov. 17 by the China Insurance Regulatory Commission and issued its first insurance policy there on Dec. 2, 2011.

Headquartered in Chongqing, LICL received CIRC approval in March 2011 to prepare for a provincial branch in Guangzhou, Guangdong Province, which the company described as "the largest property and casualty insurance market in China." Guangdong is a market of almost 100 million consumers and has a gross domestic product of $702 billion in U.S. dollars, the company said in its news release.

The other threee branches are located in Chongqing in western China, Beijing in northern China, and Zhejiang in eastern China. As of Oct. 31, 2011, the company had 93,000 auto policyholders in these markets and ranked second among the largest 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."

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