CHUBB CHINA GETS CAPITAL BOOST APPROVAL

The Chinese insurance authorities have given Chubb’s operation in the country the go ahead to increase its capital to Yuan220m. In October last year Chubb China got approval from the China Insurance Regulatory Commission (CIRC) to convert its Shanghai branch to a wholly owned subsidiary with a registered capital of Yuan200m. Chubb China has been mulling further expansion in China, including in the eastern province of Jiangsu. Chubb has been in China since 1993 when it set up a representative office in Beijing. It was the second US non-life insurer to win a licence to write property/casualty business in China and in the first five months of this year wrote premium totalling Yuan48.3m.