XL Group, a global insurance and reinsurance company, has opened a new property & casualty (non-life) subsidiary in China effective immediately.
XL Insurance (China) will offers products and services in property, casualty, specialty and professional lines and will be led by Zheqiang Xie, as chairman and CEO of this subsidiary.
Xie has more that 20 years experience in the Chinese insurance industry, having started his career with the People’s Insurance Company of China (PICC) in Beijing.
Prior to joining XL Insurance, he held several management roles with Lloyd’s in China, including setting up the Lloyd’s representation in China and establishing Lloyd’s full reinsurance operation, launched in Shanghai.
XL CEO Mike McGavick said this is a significant step in the implementation of XL’s strategy to strengthen its presence in emerging markets.
"I am delighted to be here in China to open our insurance operation and personally thank the China Insurance Regulatory Commission (CIRC) and the Shanghai government for their support in getting us to this day," McGavick said.