AIG GENERAL GETS BEIJING LICENCE APPROVAL

AIG General Insurance Company China Limited ( AIG General), a subsidiary of the world’s largest insurer American International Group has been granted approval to open a branch in Beijing. The new licence for the Shanghai-headquartered firm was granted by the China Insurance Regulatory Commission (CIRC) and marks the first step in AIG General’s geographic expansion across China. It was incorporated as a wholly owned foreign enterprise (WOFE) in September last year.  Before establishing AIG General last year, its parent company AIU Insurance Company had operated branches in Shanghai, Guangdong, and Shenzhen, which were subsequently consolidated into AIG General at the time of its incorporation.