XL Capital Ltd. unveiled two global moves yesterday with the establishment of a ?formal presence? in Beijing and the announcement of a proposed joint venture in Brazil.

The China Insurance Regulatory Commission approved the opening of XL?s new Representative Office in Beijing which will act as a liaison point to conduct research and perform other non-income generating activities.

Mr. Brian O?Hara (pictured), president and CEO of XL, said: ?This is an exciting strategic initiative and we are delighted to be making this step into China. We recognise the need to develop close ties and knowledge exchange opportunities in the country and the opening of the Representative Office will enable us to build the platform to achieve both these goals.

?Longer term, we see China as very important in strengthening our global presence to support our clients across XL?s three segments of insurance, reinsurance and financial products and services.?

XL?s chief representative, Ms Jane Zhuang, said that the Office would provide the company with a formal presence in one of the fastest-growing insurance markets in the world.

?The Representative Office is an important first step for XL into a key market,? she said. ?I look forward to representing this dynamic global company at such a pivotal point in the development of the world?s risk management industry.?

XL Capital Ltd also signed Memorandum of Understandings to form a joint venture insurance company in Brazil with Banco Itau Holding Financeira S.A. It would combine the Brazilian Property, Casualty and Specialty commercial insurance books of XL and Itau.

Mr. Clive Tobin, chief executive of XL?s Insurance Operations, said: ?This joint venture continues to reinforce XL?s strategy to be a leading market in all major territories, and we are delighted to be joining forces in Brazil with such a highly respected organisation as Banco Itau.?

The joint venture is expected to combine Itau?s Brazilian market expertise and penetration with XL?s knowledge and access to reinsurance capacity in commercial lines and large insurance risks

Mr. Luiz de Campos Salles, CEO of Itau Seguros, said, ?We strongly believe that this joint venture will create a winning platform to develop this market in Brazil, with advantages to our clients and brokers.?

The proposed joint venture is subject to regulatory approvals, conditions and negotiation. A closing date has not been set.