Chubb gets approval to set up wholly owned unit in China

Oct 18 (Reuters) - Chubb Corp (CB.N) said its Federal Insurance Co unit received approval from the China Insurance Regulatory Commission to convert its Shanghai branch to a wholly owned insurance unit.

The new subsidiary, to be named Chubb Insurance (China) Co Ltd, will be headquartered in Shanghai, the property and casualty insurer said in a statement.

Federal will continue to maintain its representative office in Beijing and the new unit is expected to apply for additional branch licenses in other cities, Chubb said. (Reporting by Ramya Dilip in Bangalore)