Liberty Mutual Group has been given permission to establish an insurance operation in Beijing by the Chinese Insurance Regulatory Commission (CIRC).
Under the deal Liberty plans to provide property and casualty products to an insurance market which is growing 12% annually according to the Chinese government.
Edmund Kelly, Liberty Mutual Group's chairman said: "Having operations in China is a significant milestone for our company and I am delighted by CIRC's approval.
"While our international business is one of Liberty's newest, it is already producing outstanding results. Since its first year in 1994, our international premiums grew from $190 million to $3.2 billion in 2002, and we now have operations in 13 countries worldwide."
Thomas Ramey, Liberty Mutual Group executive vice president said: "There are no short cuts to being successful in foreign countries.
"We have worked extremely hard to build our language, cultural and technical capabilities in China since 1998 through our Chongqing IRO office, and our safety and health research partnerships."
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