XL Capital Ltd., internationally renowned financial services company headquartered in Bermuda and incorporated in the Cayman Islands, has annunciated its imperative designs to introduce property and casualty insurance operations in China, subject to final regulatory clearances.

 

As stated by the Bermuda-based company, the China Insurance Regulatory Commission has given it a year to prepare for the launch and only after the completion of that period, XL plans to set up a subsidiary so as to serve local and international corporations in China, in addition to its existing clients with operations in China. It is worthwhile to mention that the plans are subject to further regulatory approvals and issuance of a license.

On the word of XL Capital CEO Mike McGavick, his company will work in a close relation with Chinese authorities "to ensure we fulfill all regulatory requirements to attain the operating license in due course."

XL Capital happens to be globally renowned a financial services company headquartered in Bermuda and incorporated in the Cayman Islands. The company does contain more than 3500 employees and offices on Africa, Asia, Australia, Europe, North America and South America. Its main lines of business are casualty and property, both insurance and reinsurance. According to the company website: "As of June 30, 2006, XL Capital Ltd had consolidated assets of approximately $58.5 billion and consolidated shareholders\' equity of approximately $8.5 billion.”

It is to be noted that the XL Capital group has been rated A+ by AM Best and a number of XL group companies are rated A+ & AAA by Standard and Poor\'s, and Aa3 by Moody\'s...XL Capital common shares are traded on the New York Stock Exchange (NYSE) under the ticker symbol \'XL\' and on the Bermuda Stock Exchange."