30th Jul 2007 16:04
\* T 30 July 2007\* T \* T Royal & Sun Alliance granted Chinese licence approval and appoints new CEO of Greater China\* T Royal & Sun Alliance Insurance Group plc (R&SA), has been granted approval fromthe China Insurance Regulatory Commission (CIRC), to establish a subsidiary totransact non-life insurance in China. R&SA, which already has a successful branch operation in Shanghai, has securedpermission to transfer its Chinese business into a subsidiary. The subsidiarywill be wholly owned by R&SA and the conversion process, which is alreadyunderway, is expected to complete in autumn 2007. The subsidiary licence and subsequent branch approval, will enable R&SA to buildcapability and to develop a nationwide network and to provide insurancesolutions to local, joint venture and foreign clients. The Group also announces the appointment of Mike Jakeman as CEO of R&SA GreaterChina. Mike has over 30 years experience at R&SA, most recently he led thesuccessful turnaround and growth of the Group's Canadian commercial operation. Paul Whittaker, CEO of Emerging Markets for Royal & Sun Alliance, said: "The approvals from the CIRC will enable us to significantly expand our Chinesebusiness from its current base in Shanghai and we plan to set up a network ofoffices and branches across the country, starting with Beijing and Guangzhou. The Chinese insurance market is developing rapidly and expanding nationally willgive us the platform to deliver a wider choice of insurance products forbusinesses and corporate customers as well as consumers. We've already started building capability and I'm delighted that Mike is joiningto lead the expansion of the business, his appointment and our conversion tosubsidiary status demonstrates our long term commitment to China." For further information: \* TAnalysts Press------------------------------- -----------------------------------Shona Cotterill Phil Wilson-Brown/ Sarah Hilyer------------------------------- -----------------------------------Tel: +44 (0) 20 7111 7212 Tel: +44 (0) 20 7111 7047/7327------------------------------- -----------------------------------Andrew Wigg Simon Moyse (Finsbury)------------------------------- -----------------------------------Tel: +44 (0) 20 7111 7138 Tel: +44 (0) 20 7251 3801------------------------------- -----------------------------------\* T Notes to editors: About Royal & SunAlliance Royal & SunAlliance is one of the world's leading multinational quoted insurancegroups, with the capability to write business in over 130 countries and withmajor operations in the UK, Scandinavia, Canada, Ireland, the Middle East andLatin America. Focusing on general insurance, it has around 24,000 employeesand, in 2006, its net written premiums were £5.5bn. With an almost 300 yearheritage Royal & SunAlliance is the oldest insurance company in the world stilltrading under its original name. About Royal & SunAlliance in China With links to China dating back to 1853, Royal & Sun Alliance establishedrepresentative offices in Beijing (1992), Dalian (1994) and Shanghai (1995),before opening Shanghai branch in October 1998. Over the last 8 years, Shanghaibranch has focused on the foreign and joint venture commercial insurancesegments. It has approximately 90 employees and in 2006 net written premiumswere £6m. Copyright Business Wire 2007Related Shares:
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