New York-listed global insurer Chubb has received approval from the CBIRC to increase the company's ownership in Huatai Insurance Group Company to 26.2% from its current 20%, with effect from 27 February 2019.
With the increased Chubb stake, Huatai Group becomes the first domestic Chinese financial services holding company to convert to a Sino-foreign equity joint venture.
Huatai Insurance Group is the holding company of Huatai P&C Insurance, Huatai Life Insurance, Huatai Asset Management, Huatai Baoxing Fund Management, among other subsidiaries. Huatai Group's insurance operations have more than 600 branches and 11m customers.
"We made our first investment in Huatai in 2002 and became the company's largest shareholder. This increased ownership is an important milestone towards our goal of majority and beyond ownership," said Mr Evan G. Greenberg, chairman and CEO of Chubb.
"Chubb's continuous investment in China over the past 17 years, including our wholly owned Chubb China subsidiary, demonstrates our long-term commitment to the development of a strong Chinese financial services industry and the important role it plays in serving Chinese society and the welfare of its people."
Chubb's history in China dates back to 1792 when a legacy company – the Insurance Company of North America (INA) – began providing protection to the pioneers of trade between the US and China. In 1897, INA appointed an agent in Shanghai and started to officially conduct business in China. Today, Chubb views China as one of its greatest long-term opportunities. The company looks forward to expanding its presence in China and making further contributions to the development of its insurance industry.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Source:Asia Insurance Review
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