Report Taiwan’s Chang Hwa Bank Establishes P/C Unit

A report from Dow Jones Newswire describes a new, wholly owned, P/C insurer established in Taiwan by Chang Hwa Commercial Bank, called CHB Insurance Brokerage Co.

The DJ report indicated that the bank is seeking to expand its reach into the non-life insurance sector.

CHB has signed a cooperation pact with Taian Insurance Co., Taiwan Fire & Marine Insurance Co. and Zurich Insurance (Taiwan) Ltd., Chang Hwa indicated.

According to the bank, the insurer will initially focus on fire, auto and injury insurance businesses and in the future plans to expand its products to include consumer-related insurance. Its establishment follows that of Chang Hwa’s life insurer, CHB Life Insurance Agency Co., in October 2001.