Mitsui Sumitomo to Open Second China Branch in Guangzhou

Tue. September 02, 2008; Posted: 05:26 AM

GUANGZHOU, China, Sep 02, 2008 (A. M. Best via COMTEX) -- MTSQY | Quote | Chart | News | PowerRating -- Mitsui Sumitomo Insurance Co. Ltd. got approval from the China Insurance Regulatory Commission to open its second China branch in Guangzhou, according to the CIRC.

The new branch is the Japanese insurer's second locally-incorporated subsidiary in China, following CIRC approval to open a Shanghai branch in July 2007.

The Guangzhou branch will mainly offer nonlife insurance products in Guangdong province. Bin Huang of Mitsui Sumitomo's operating and administration division in Guangzhou said the company has not set a date to launch the new branch in the southern China region.

Mitsui Sumitomo first entered China in 1981, and has since set up nine representative offices with a total capital of 300 million yen (1.9 million euros) on the mainland. In terms of business operation, only its Shanghai and Guangzhou branches are allowed to sell insurance products, mainly property and casualty policies.

Mitsui Sumitomo, the biggest Japanese insurance company, already established a representative office in Guangzhou with more than 30 employees. In addition, the company set up a network of representative offices in Beijing, Dailian, Tianjin, Cheungdu, Huangzhou, Suzhou and Qingdao.

Mitsui Sumitomo Insurance Co. Ltd. currently has a Best's Financial Strength Rating of A+ (Superior).

(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)

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