Warren, N.J. — Federal Insurance Co., 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 Ltd., will be headquartered in Shanghai.
"This represents an exciting opportunity for Chubb to build its business in China," says John Finnegan, chairman, president and CEO of The Chubb Corp. "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.
Source: Chubb Group of Insurance Cos.
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