Chubb Ltd. announced it has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase the company’s ownership in Huatai Insurance Group Co. Ltd. from 47.3% to 83.2%.
Financial details of the deal were not disclosed.
Huatai is the holding company of a number of subsidiary companies including Huatai Property & Casualty Insurance Co., Huatai Life Insurance Co., and Huatai Asset Management Co. Huatai’s insurance operations have more than 700 branches, 23,000 agents and approximately 19 million customers in China.