XL Capital Gains Greater Foothold in China

NEW YORK (TheStreet) -- Bermuda insurance group XL Capital(XL Quote) is moving ahead in its aim to gain a greater foothold in the China market.

The China Insurance Regulatory Commission announced yesterday that it has given the group's subsidiaries the green light to set up a property insurance firm in China, according to Sinocast.

Under their plan, XL Re Life America Inc. will control 51% of the new entity and XL Insurance will take the remaining 49% stake.

XL Capital opened an office in Beijing in January 2006 as part of its plan to expand its presence in the Chinese insurance market. The company has offices in 27 nations and focuses on life insurance, non-life insurance, global re-insurance and institutional investment services.

In other company developments, XL Insurance, the parent's global insurance operator, has acquired the underwriting and claims team from London-based Unicorn Underwriting Limited, a THB Group subsidiary.

-- Reported by Andrea Tse in New York

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