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
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
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
employs over 45,000 people in more than 900 offices throughout the world.