Federal Insurance Co., a unit of Warren, N.J.-based Chubb Corp., received approval Thursday to open new subsidiary Chubb Insurance (China) Co. Ltd. in Shanghai.
John D. Finnegan, chairman, president and chief executive officer of Chubb Corp., said in a statement that the approval provides the company with an expansion opportunity in China. Chubb opened its Shanghai branch in 2000.
Federal Insurance, 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 throughout China, Chubb executives said.