LIBERTY MUTUAL GETS BEIJING BRANCH GO-AHEAD

Liberty Mutual Insurance (China) has won approval to open a branch in Beijing – its first expansion across the country since gaining a licence as a wholly-owned local subsidiary in July last year. It launched a branch in Chongqing in south west China in 2004 and last year became one of 11 foreign property insurers to win incorporation in China. China Insurance Regulatory Commission (CIRC) rules requiring foreign companies’ branches looking to expand geographically to up their capital by Yuan20m saw Liberty Mutual Insurance (China) to grow to Yuan220m in April this year.