The Chubb Corporation announced that the China Insurance Regulatory Commission (CIRC) has granted approval to its wholly owned subsidiary, Chubb Insurance (China) Company Limited, to establish a branch in Nanjing, Jiangsu Province.
Chubb said that additional approvals from CIRC and other governmental authorities are pending. It expects to open the new branch office in December 2010.
Chubb opened its first China branch in Shanghai in September 2000. In February 2008, Chubb converted the Shanghai branch into a wholly owned subsidiary.
Andre Dallaire, Chubb’s Greater China regional manager, commented: “Jiangsu Province and the Yangtze River Delta comprise a large population, vibrant manufacturing sector and dynamic growth engine for the Chinese economy. As a specialty insurer, Chubb is excited about the opportunity to provide innovative insurance products and services to such an important region in the People’s Republic of China.”
Harold Morrison, executive vice president in charge of Chubb’s worldwide field operations, added: “This new investment symbolizes Chubb’s long-standing commitment to China. We expect the Jiangsu branch to become an important addition to our global network of offices.”
Source: The Chubb Corporation
Topics China
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