Chubb Life Appoints Jack Chang to Lead Newly Acquired Life Insurance Operations of Cigna in Taiwan

Rhea-AI Summary

Chubb Life appointed Jack Chang as President of its newly acquired life insurance operations in Taiwan from Cigna. This strategic move, effective immediately, aims to integrate Cigna's Taiwan operations into Chubb Life, enhancing its presence in the Asia-Pacific region. The acquisition, completed on July 1, encompasses both life and non-life insurance and aligns with Chubb's growth strategy in key markets. Chang, who has over 25 years of industry experience, will report to Brad Bennett, COO of Chubb Life.

Positive

• Acquisition aligns with Chubb's growth strategy in the Asia-Pacific region.
• Strengthens Chubb's life insurance presence in Taiwan, a key market.
• Jack Chang's extensive experience positions him well for integration and growth.

Negative

• None.

HONG KONG, July 3, 2022 /PRNewswire/ -- Chubb Life today announced that Jack Chang has been appointed President of the company's life insurance operations in Taiwan that were recently acquired from Cigna. Mr. Chang is currently President of Chubb Life Taiwan. In his new role, Mr. Chang will have executive operating responsibility for Cigna Taiwan and will lead the integration, subject to regulatory approval, of the Chubb Life and Cigna Taiwan insurance operations in this market. During the integration period, Rose Huang, the current Chief Financial Officer of Chubb Life Taiwan, will serve as President of Chubb Life Taiwan. Upon completion of the integration, the combined business will operate under the Chubb Life brand in Taiwan.

On July 1, Chubb, the world's largest publicly traded property and casualty insurer, completed its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in six Asia-Pacific markets, including Taiwan. The addition of this consumer-focused business advances Chubb's strategy to expand its presence in the Asia-Pacific region, a long-term growth area for the company, and adds to an already sizable accident and health (A&H) business while expanding the company's Asia-based life insurance presence.

Mr. Chang will report to Brad Bennett, Senior Vice President, Chubb Group and Chief Operating Officer, Chubb Life. The appointment is effective immediately.

"Jack is an experienced industry executive with a deep understanding of the insurance market in Taiwan," said Mr. Bennett. "That experience, along with his proven track record as a leader and manager, positions him well in his new role integrating the Cigna and Chubb Life businesses and continuing to build Chubb's life insurance presence in this important market.  I look forward to working with Jack and welcome all of our new colleagues from Cigna at this exciting moment for our business in Taiwan and across the region."    

Mr. Chang has more than 25 years of experience in the insurance industry in Taiwan. He joined the company in 2021 as President of Chubb Life Taiwan. Prior to joining Chubb, he was Chief Partnership Officer at AIA Taiwan. He has also served as General Manager at TCB Life, where he was responsible for the general management and strategic direction of the joint venture between TCB Holding and BNP Paribas Cardif.

About Chubb Life

Chubb Life is an international life insurer, primarily focused on Asia, that provides protection and savings-oriented life insurance products to individuals and groups. Chubb Life serves the needs of consumers through a variety of distribution channels, including primarily captive agents, but also through banks, retailers, brokers, independent agents and direct marketing. Chubb Life has operations in eight Asian markets — Hong Kong, Indonesia, Korea, Myanmar, New Zealand, Taiwan, Thailand and Vietnam — as well as Latin America.

About Chubb

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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. 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 34,000 people worldwide. Additional information can be found at: www.chubb.com

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SOURCE Chubb Life

FAQ

What is the significance of Jack Chang's appointment at Chubb Life?

Jack Chang's appointment as President of Chubb Life's Taiwan operations is significant as it strengthens leadership during the integration of Cigna's life insurance operations, enhancing overall business stability.

What was the date of Chubb's acquisition of Cigna's Taiwan operations?

Chubb completed the acquisition of Cigna's Taiwan operations on July 1, 2022.

How does the Chubb and Cigna integration impact shareholders?

The integration is expected to bolster Chubb's market presence and operational efficiency in Taiwan, potentially leading to increased shareholder value.

What role will Rose Huang play during the integration process?

During the integration period, Rose Huang will serve as President of Chubb Life Taiwan, ensuring continuity in leadership.