The Chubb Corporation announced that the China Insurance Regulatory Commission (CIRC) has granted final approval to Chubb Insurance (China) Company Limited, an indirect wholly owned subsidiary, to establish a branch in Nanjing, Jiangsu Province.
Chubb said it “expects to open the branch on February 28, 2011. Chubb had opened its first Chinese branch in Shanghai in September 2000 and converted it into an indirect wholly owned subsidiary in February 2008.”
Andre Dallaire, Chubb’s Greater China regional manager, commented: “The approval of our Nanjing branch is not only significant for Chubb but also for Chinese companies and consumers. Chubb is the first non-Asian non-life insurer to be licensed in Jiangsu, one of China’s biggest export hubs.”
“With exports of nearly $200 billion in 2009, Jiangsu Province is clearly an important component of the Chinese economy,” added Harold L. Morrison, Jr., executive vice president and chief global field officer for Chubb. “We are excited about the opportunity to offer cutting-edge insurance products and services to high technology, electronics, life sciences, chemical, new energy and other strategically important industries in the province.”
Source: Chubb Corp.