The new subsidiary will be headquartered in Shanghai

The China Insurance Regulatory Commission has endorsed Chubb’s request to convert its Shanghai branch to a wholly owned insurance subsidiary.

The new subsidiary, to be named Chubb Insurance (China) Company Limited, will be headquartered in Shanghai.

John D. Finnegan, chairman, president and chief executive officer of The Chubb Corporation, said: "This represents an exciting opportunity for Chubb to build its business in China. We have been operating in China since opening our Shanghai branch in 2000. Our new structure will enable us to expand our business in this fast-growing economy."