The Chubb Corporation, an insurance holding company, has received final approval from China Insurance Regulatory Commission to Chubb Insurance China, an indirect wholly owned subsidiary, to establish a branch in Nanjing, Jiangsu Province.
Chubb expects to open the branch on 28 February 2011. Chubb opened its first Chinese branch in Shanghai in September 2000 and converted it into an indirect wholly owned subsidiary in February 2008.
Chubb Greater China regional manager Andre Dallaire said the approval of Nanjing branch is not only significant for Chubb but also for Chinese companies and consumers. Chubb is the non-Asian non-life insurer to be licensed in Jiangsu, one of China’s export hubs.
Chubb executive vice president and chief global field officer Harold Morrison said with exports of nearly $200bn in 2009, Jiangsu Province is clearly an important component of the Chinese economy.
"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," Morrison said.
The Chubb organization 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.