The Chubb Corporation, one of the world's leading insurance groups, announced today 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. Pending additional approvals from CIRC and other governmental authorities, the branch is expected to open 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.
Commenting on the CIRC approval, Andre Dallaire, Chubb’s Greater China regional manager, said, “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, said, "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."
The Chubb Corporation is a holding company for a family of insurance companies informally known as the Chubb Group of Insurance Companies. The Chubb organization provides property and casualty insurance to personal and commercial customers through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia. More information on Chubb can be obtained at www.chubb.com.