Chubb Announces Management Changes to its Life and General Insurance Operations in Asia
Chubb Limited has announced management changes in its Asia operations, specifically for its life and general insurance segments. Cunqiang Li has been appointed as Executive Deputy General Manager and Chief Strategy Officer of Huatai Insurance Group, which Chubb holds a 46.2% stake in and plans to increase to a majority ownership with an additional 7.1% purchase. Brad Bennett will take on the role of Chief Operating Officer of Chubb Life, leading operations across seven Asian markets. These changes are aimed at strengthening Chubb's presence in the growing Asian insurance market.
- Cunqiang Li's appointment as Chief Strategy Officer is expected to enhance strategic oversight at Huatai, potentially increasing market penetration.
- Brad Bennett's extensive experience in the Asia region positions him well to drive growth and efficiency at Chubb Life.
- Leadership changes may lead to disruptions in continuity as responsibilities shift.
- The increase in Chubb's stake in Huatai could pose integration challenges.
ZURICH, Aug. 3, 2020 /PRNewswire/ -- Chubb Limited today announced management changes to its life and general insurance operations in Asia.
Cunqiang Li has been named Executive Deputy General Manager and Chief Strategy Officer of Huatai Insurance Group, the holding company of Huatai P&C Insurance Company, Huatai Life Insurance Company and Huatai Asset Management Company, among other subsidiaries. The appointment was made by the Board of Directors of Huatai Insurance Group at a meeting on July 30 and is subject to approval from the China Banking and Insurance Regulatory Commission. Currently, Mr. Li is Chief Operating Officer of Chubb Life, Chubb's international life insurance division. In his new role, Mr. Li will have strategic management oversight of all Huatai Group businesses. As the largest shareholder, Chubb currently owns
Brad Bennett has been named Chief Operating Officer of Chubb Life. Currently, he is Senior Vice President, Chubb Group and Regional President of the company's Far East operations in Japan. He also provides oversight to Chubb Life's business in Korea. In his new role, Mr. Bennett will focus on leading the day-to-day operations of Chubb Life's Asian life insurance entities in seven countries and territories in Asia, including Hong Kong SAR, Indonesia, Korea, Myanmar, Taiwan, Thailand and Vietnam.
Mr. Li will report to Minghao Zhao, General Manager of Huatai Group. Mr. Bennett will report to Russell Bundschuh, Senior Vice President, Chubb Group and President, Chubb Life. The appointment of Mr. Bennett is effective October 1, 2020.
"The leadership changes we announce today speak to the experience and depth of Chubb's management team and to the significant long-term opportunity for the company in China and across Asia," said Evan G. Greenberg, Chairman and CEO of Chubb. "I have worked with both executives for many years, know their capabilities and have great confidence in them."
"With our increasing stake in Huatai, we have an opportunity to build a significant Chinese insurance company that will meet the growing protection needs of Chinese consumers and businesses," Mr. Greenberg continued. "Cunqiang has the right experience for his new leadership role: he is a strong and effective leader who knows the Chinese market, Huatai's business and Chubb's culture. He also brings deep technical and financial management experience. At the same time, I am also very pleased that Brad is moving into this new and important role in our Asia-focused Chubb Life business, which is emerging as a meaningful contributor to the company's growth and profitability."
"Since he joined Chubb Life in 2017, Cunqiang has played an important role in managing the development and growth of our Life business across the region. He will continue to play an important role overseeing our Huatai Life joint venture," said Mr. Bundschuh. "I am also pleased to welcome Brad to his new position. Brad, who has led agency businesses in both the U.S. and Asia, has a proven track record of execution. His exceptional expertise in operations and distribution will help position the Chubb Life business for continued growth and progress."
Mr. Li has more than 25 years of insurance industry experience. Prior to joining Chubb Life in 2017, he served as Chairman and CEO of Beijing-based Huatai Life. From 2012 to 2016, he was CEO and General Manager. Previously, he held positions of increasing seniority and responsibility at Mass Mutual for 10 years, most recently as Mass Mutual International's Senior Managing Director and CFO. He began his financial career in public accounting. Mr. Li holds a BS degree from Northwest Normal University of China and a Master's degree from McGill University in Montreal.
Mr. Bennett has more than 30 years of insurance industry experience. He joined the company in 2012 as President of Combined Insurance after more than 17 years with AIG. Mr. Bennett has extensive experience working in the Asia region and has held senior positions in Thailand, Korea, Malaysia and Japan. He began his career as an agent with Allstate in the U.S. and held a number of field sales management positions there. He received his BS degree from California State University.
About Chubb
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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide. Additional information can be found at: www.chubb.com
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements made in this press release, such as statements regarding Chubb's investment in Huatai, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.
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SOURCE Chubb Limited
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