• Most Popular
  • Most Shared

Chubb gets approval to set up wholly owned unit in China

Thu Oct 18, 2007 11:08am EDT

Stocks

   

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)



More from Reuters

A Greenpeace activist dressed as one of the "Four Horsemen of the Apocalypse" rides outside the parliament building during a brief protest in Copenhagen December 13, 2009. REUTERS/Christian Charisius

The face of climate protest

Protesters around the globe called for an end to global warming as climate talks in Copenhagen entered their sixth day.  Video 

    Climate conference
    President Barack Obama (R) meets with financial services industry leaders in the Roosevelt Room of the White House in Washington December 14, 2009. REUTERS/Larry Downing

    Obama takes "fat cats" to task

    Backed by Americans outraged by multi-billion dollar bailouts, President Obama met with a dozen of Wall Street's top bankers in a bid to crack down on the so-called "fat cats" largely held responsible for the financial crisis.  Full Article 

    Executive Compensation
    Lockheed Martin Chief Executive Robert Stevens answers a question during the Reuters Aerospace and Defense Summit in Washington December 14, 2009. REUTERS/Molly Riley

    Lockheed eyes deals

    The future demands of cybersecurity make that sector one of many the aerospace giant sees as an acquisition target in the coming year.  Full Article 

    Aerospace and Defense Summit