NU Online News Service, July 7, 3:10 p.m. EDT
Chubb Corp. said it expects to open a second branch in China in December if all goes well with additional approvals from the China Insurance Regulatory Commission (CIRC) and other authorities.
Chubb's wholly-owned subsidiary, Chubb Insurance (China) Company Ltd., will be opening a branch in Nanjing in the Jiangsu Province at the Yangtze River Delta. The city is said to be the second largest commercial center in the East China region, after Shanghai.
The areas "comprise a large population, vibrant manufacturing sector and dynamic growth engine for the Chinese economy," said Andre Dallaire, Chubb's Greater China regional manager.
Chubb opened its first branch in Shanghai in September 2000 and later converted it to a wholly-owned subsidiary in February 2008.
The insurer provides business insurance, specialty insurance, and accident and health insurance, as well as loss control services.
Outside of the United States, Chubb has subsidiaries in Australia, Europe, Argentina, Chile, Colombia and Mexico.
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