Insurer and reinsurer, Chubb, has announced management changes to its Life and General Insurance Operations in Asia.
As the largest shareholder, Chubb currently owns 46.2% of Huatai Group and has also agreed to the purchase of an additional 7.1% of the company which would ultimately give Chubb majority ownership.
The holding company of Huatai P&C Insurance Company, Huatai Insurance Group has announced the appointment of Cunqiang Li as Executive Deputy General Manager and Chief Strategy Officer.
Li’s new position was agreed 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 (CBIRC).
Currently, Li is Chief Operating Officer (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, and will report to Minghao Zhao, General Manager of Huatai Group.
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.
Succeeding Li is Brad Bennett who has been named COO of Chubb Life. Currently, he is Senior Vice President of Chubb Group and Regional President of the company’s Far East operations in Japan.
The appointment of Bennett is effective October 1, 2020 where he will report to Russell Bundschuh, Senior Vice President of Chubb Group and President of Chubb Life.
Bennett has over 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 years of experience working in the Asia region and has held senior positions in Thailand, Korea, Malaysia and Japan.
Evan G. Greenberg, Chairman and CEO of Chubb, commented on the appointments: “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, 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.
“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 also commented on their new positions, saying: “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.”
He continued: “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.”