XL Capital Ltd. said it will be the primary sponsor of an initiative aimed at developing Chinese insurance executives and regulators.
The Bermuda-based company is the main sponsor of the China Insurance Industry Executive Program, which has been developed with the Wharton School of Business of the University of Pennsylvania.
It is the first Sino-foreign insurance leadership course endorsed by the China Insurance Regulatory Commission to include sessions in both China and other countries, XL said.
The five-day program will be conducted in two modules and is to be led by university professors, insurance scholars and executives, including XL Chairman Michael Esposito Jr. and XL President and Chief Executive Officer Brian O'Hara.
XL explained it will include a series of discussions highlighting strategic choices facing the government and insurance industry on both local and international levels, and address challenges and opportunities presented by China's emergence in the global market. Course participants will also examine the fundamental principles of risk and capital management.
A second module will take place in Philadelphia and Bermuda.
Up to 50 participants will attend the Beijing leg of the program, 25 of whom will be selected to travel on to Philadelphia and Bermuda.
Mr. O'Hara said the recent opening of XL's representative office in Beijing was a “tangible first step that demonstrated our commitment to a country which is fast becoming a major player in the global economy.”
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