XL Group, a Bermuda-based insurance and reinsurance company, has received a license from the China Insurance Regulatory Commission (CIRC) to operate as a property & casualty (P&C) non-life company in Shanghai.
XL Group said that the Chinese subsidiary will commence business operations following the completion of all regulatory registrations.
The insurance group also appointed Zheqiang Xie, as chairman and CEO to the Chinese subsidiary..
Xie has 20 years of experience in the Chinese insurance industry. 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 in 2007.
XL Insurance chief regional officer for Continental Europe, Asia and Latin America Gernot Klantschnig said XL Insurance lead more than 1100 Global Programs for clients and over a third of these clients have activities in China. The operation in Shanghai will play a critical role in XL Insurance’s global network.