XL Capital Ltd (XL) said Wednesday that it has received approval from the China Insurance Regulatory Commission to start preparation work to set up a P&C company in China.
XL now has a year to prepare to establish its operations in China. After this period and upon receipt of all regulatory approvals and granting of the license, XL plans to establish an insurance subsidiary dedicated to serving both local international corporations, as well as its Global Program clients with operations in China.
XL has had a representative office in Beijing since 2005 which is dedicated to deepening the company's understanding of the market.
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