BEIJING, Dec. 16, 2010 /PRNewswire/ -- The Chubb Corporation (NYSE: CB) announced today that the China Insurance Regulatory Commission has granted final approval to Chubb Insurance (China) Company Limited, an indirect wholly owned subsidiary, to establish a branch in Nanjing, Jiangsu Province.
Chubb expects to open the branch on February 28, 2011. Chubb had opened its first Chinese branch in Shanghai in September 2000 and converted it into an indirect wholly owned subsidiary in February 2008.
"The approval of our Nanjing branch is not only significant for Chubb but also for Chinese companies and consumers. Chubb is the first non-Asian non-life insurer to be licensed in Jiangsu, one of China's biggest export hubs," said Andre Dallaire, Chubb's Greater China regional manager.
"With exports of nearly $200 billion in 2009, Jiangsu Province is clearly an important component of the Chinese economy," added Harold L. Morrison, Jr., executive vice president and chief global field officer for Chubb. "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."
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 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. More information on Chubb can be obtained at www.chubb.com.
SOURCE The Chubb Corporation