Chubb Receives Approval to Establish Wholly Owned Insurance Subsidiary in China
WARREN, NJ.- Federal Insurance Company, a member of the Chubb Group of Insurance Companies, has received approval from the China Insurance Regulatory Commission to convert its Shanghai branch to a wholly owned insurance subsidiary. The new subsidiary, to be named Chubb Insurance (China) Company Limited, will be headquartered in Shanghai.
“This represents an exciting opportunity for Chubb to build its business in China,” said John D. Finnegan, chairman, president and chief executive officer of The Chubb Corporation. “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.”
Federal, Chubb’s 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.
The Chubb Corporation is the holding company for a family of insurance companies. The members of the Chubb Group of Insurance Companies form a multi-billion dollar organization that provides property and casualty insurance to personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
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