The Chubb Corporation, a US-based provider of property and casualty insurance to personal and commercial customers, has said that the China Insurance Regulatory Commission (CIRC) has granted approval to its wholly owned subsidiary, Chubb Insurance (China) Company to establish a branch in Nanjing, Jiangsu Province.
According to Chubb, Jiangsu province and the Yangtze river delta comprise a large population, vibrant manufacturing sector and efficient growth engine for the Chinese economy, due to which it wanted an approval to provide new insurance products and services to enhance its business in the People’s Republic of China.
The company said that pending additional approvals from CIRC and other governmental authorities, the new branch is expected to open in December 2010.
Previuosly, the company opened its first China branch in Shanghai in September 2000. In February 2008, Chubb converted the Shanghai branch into a wholly owned subsidiary.
Harold Morrison, executive vice president of worldwide field operations at Chubb, 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.”