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BOSTON--Liberty Mutual Group Inc. has received Chinese Insurance Regulatory Commission approval to establish a wholly owned subsidiary called Liberty Insurance Co. Ltd., the Boston-based insurer said.
The unit will be headquartered in Chongqing, China, where the company has had an office since 2003. Liberty Mutual said the license allows it to expand its general insurance capabilities, including coverage for individuals and small and medium-size businesses.
"We have experienced strong growth in our international operations and view China as an integral component of our worldwide strategy," said Edmund F. Kelly, Liberty Mutual Group chairman, president and chief executive officer, in a statement released Wednesday.