Mitsui Sumitomo Insurance Co., Ltd. (“MSI”) (President and Chief Executive Officer, Toshiaki Egashira) obtained a license to incorporate its Shanghai branch into a wholly-owned subsidiary from the China Insurance Regulatory Commission, Chinese supervisory body, effective July 23.

Licensed by the authorities to directly underwrite policies, MSI established its Shanghai branch May 2001 and has since expanded its Chinese business with great support from customers. MSI intends this incorporation into a local insurer to make us better rooted in China and to further enable us to meet diverse customer needs and provide quality services. The subsidiary is to commence its operations as soon as necessary registration with relevant authorities is completed.

MSI already prides itself on its top-class Chinese network among foreign general insurers; the network is comprised of, in addition to Shanghai branch, China General Representative Office in Beijing and the representative offices in Guangzhou, Shenzhen, Dalian, Tianjin, Chengdu, Suzhou, Hangzhou and Qingdao. MSI plans to further prepare itself to extend services to increasing entrants into the Chinese market by transforming its existing offices in those major cities into branches of the new subsidiary upon obtaining necessary license.

The MSI Group will continue to offer risk solutions best fit for customers conducting business in China through the Shanghai subsidiary.