AIG expands with Beijing branch approval

by Richard Kilner

Story link: AIG expands with Beijing branch approval

AIG General Insurance Company China Limited (AIG General), a wholly owned subsidiary of American International Group, Inc., has been the given the green light by the China Insurance Regulatory Commission (CIRC) for its plan to establish a Beijing branch.

The move to open a new branch is the first move to expand its geographical footprint since AIG General’s inception as an entirely foreign-owned business last year.

Prior to then, AIU Insurance Company (AIG General’s parent), operated from offices located in Shanghai, Guangdong, and Shenzhen.

These offices were then consolidated into AIG General, with its headquarters located in Shanghai.

The regulatory approval acquired from the CIRC marks a substantial step forward for the firm’s international growth strategy, according to CEO and president Robert B. Willumstad.

Willumstad went on to say he was pleased the expansion in China was occurring as it was not only tied to the firm’s heritage but also a lucrative marketplace.