Federal Insurance Company, a subsidiary of The Chubb Corp., officially opened a wholly owned branch office in Shanghai to “focus on the non-life insurance market for foreign-invested enterprises in Shanghai.”
In attendance at the ceremony were Joseph Prueher, the U.S. Ambassador, Dean O’Hare, Chubb’s Chairman and CEO, Brent Scowcroft, former U.S. National Security Advisor, and Zhou Yanli, director of the Shanghai office of the China Insurance Regulatory Commission.
“Chubb’s Shanghai branch is licensed to provide a full array of property and liability insurance services to foreign-invested enterprises in Shanghai, as well as reinsurance for these types of businesses,” said the announcement.
All the participants in the ceremony agreed that by providing such services Chubb would contribute to China’s economic growth and development, and make it more attractive to foreign firms to invest in the Shanghai area, especially in the high tech sector, where Chubb is one of the leading specialists.
Eventually, if China joins the World Trade organization, Chubb hopes to expand its operations throughout the country. It has already begun offering training course to would-be regulators and underwriters through a cooperation agreement with Shanghai University.
Was this article valuable?
Here are more articles you may enjoy.