Chubb shuffles leadership as it looks to expand in China and across Asia

Insurer Chubb has unveiled management changes to its life and general insurance operations in Asia as it looks to expand in the Chinese market, having increased its stake in Huatai Insurance Group.

Chubb currently owns 46.2 percent of Huatai Group, its largest shareholder, and has also agreed to the intended terms of a subsequent purchase of an additional 7.1 percent of the company that would give Chubb majority ownership.

Brad Bennett has been named chief operating officer (COO) 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, 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.

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. Currently, Li is COO of Chubb Life, Chubb's international life insurance division. In his new role, Li will have strategic management oversight of all Huatai Group businesses.

Li will report to Minghao Zhao, general manager of Huatai Group. Bennett will report to Russell Bundschuh, senior vice president, Chubb Group and president, Chubb Life.

"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 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," Greenberg added. "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."

Bundschuh commented: "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. 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."

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, and previously held positions of increasing responsibility at Mass Mutual for 10 years.

Bennett has more than 30 years of insurance industry experience in the Asia region and has held senior positions in Thailand, Korea, Malaysia and Japan. He joined the company in 2012 as president of combined insurance after more than 17 years with AIG.