HAMILTON, Bermuda—XL Capital Ltd. has received regulatory approval to set up a subsidiary in China, enabling it to move forward with its plans to gain a greater foothold in the market, the Bermuda-based insurer said Wednesday.
Under terms of the approval, granted by the China Insurance Regulatory Commission, XL has one year to establish its property/casualty operations in China.
In a statement, XL said the subsidiary will serve the insurance needs of Chinese companies with international operations and XL’s global program clients with operations in the region, calling its presence in the China market “critical.”
XL first established an administrative office in China in 2005, the company said.
For reprints of this story, please contact Lauren Melesio at 212-210-0707 or email lmelesio@crain.com
