Insurance giant Chubb has been granted a licence to operate in New Zealand, according to Insurance Business New Zealand.

The licence was issued by the Reserve Bank of New Zealand (RBNZ) to Chubb Insurance Company of Australia, which is part of the Chubb group of insurance companies, based in the US.
 
Mark Lingafelter, managing director, Chubb Insurance Company of Australia, confirmed the approval.
 
He told Insurance Business New Zealand the plan was to undertake an in-depth analysis of the market.
 
“Chubb Insurance Company of Australia appreciates the recent approval by the Reserve Bank of New Zealand of our branch licence.
 
“This approval ensures our continued compliance following the legislative changes of 2013.
 
“We will next be completing a market analysis to identify which segments of the market provide the best match with Chubb’s underwriting appetite.”
 
Lingafelter said the company had strong financial ratings from both Standard and Poor’s and AM Best and a global reputation for superior claims service.
 
“As a specialist underwriter, with a global reputation for superior claims service, and strong financial ratings from Standard and Poor’s and AM Best, we believe Chubb offers a unique proposition to our brokers and clients,” he said.
 
“We look forward to growing our business in New Zealand.”

Insurance Business Australia will report back with more details.