The New Jersey-based Chubb Group announced that Federal Insurance Company, a member of the Chubb Group of Insurance Companies, has received approval from the China Insurance Regulatory Commission (CIRC) to convert its Shanghai branch to a wholly owned insurance subsidiary.
The new subsidiary is to be named “Chubb Insurance (China) Company Limited,” and will be headquartered in Shanghai.
“This represents an exciting opportunity for Chubb to build its business in China,” noted Chubb Chairman, President and CEO John D. Finnegan. “We have been operating in China since opening our Shanghai branch in 2000. Our new structure will enable us to expand our business in this fast-growing economy.”
Chubb also explained that Federal, its lead underwriting company, will “continue to maintain its representative office in Beijing. The new subsidiary is expected to apply for additional branch licenses in other cities.”
Source: Chubb – www.chubb.com
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