Zurich has become the first foreign insurer to be granted a business licence by the Chinese regulator to establish a general insurance branch in Beijing.

CEO James Schiro says the move is in step with the company’s strategy to grow profitably. The move will also contribute to the Chinese insurance industry.

The new business, Zurich Insurance Company Beijing Branch, will focus on serving corporate customers, including foreign customers with activities in China and large and medium-sized Chinese enterprises, particularly those with business overseas.

It’s a bold move for Zurich, which last year sold its Singapore-based operations to QBE and was presumed to have decided to pull back from Asia.