Chubb International Investments Ltd (安達人壽保險) is expected to complete its merger with Cigna Taiwan Life Assurance Co Ltd (國際康健人壽) on Dec. 1, the Financial Supervisory Commission said yesterday.
The statement came after the commission approved the deal in June.
Even though Chubb International Investment on July 1 acquired 100 percent of Cigna Taiwan Life shares, the latter would be the surviving entity after the merger, the commission said.
Cigna Taiwan Life would become the local branch of US insurer Chubb Ltd and would be renamed Chubb International Life Insurance Ltd, with its chairman, Chu Li-min (朱立民), and general manager, Jake Chang (張志杰), keeping their positions, the commission said.
The two insurers have promised to safeguard the rights of all policyholders, and retain all employees, the commission added.
As of the end of September, Cigna Taiwan Life had about 778 employees and 644,500 insurance policies with 351,000 policyholders, while Chubb International Investments employed about 220 people and had 177,800 insurance policies with 135,000 people, commission data showed.
The Chubb-Cigna merger came after Taishin Financial Holding Co (台新金控) last year acquired Prudential Life Insurance Co of Taiwan (保德信人壽).
After Chubb-Cigna deal, Taiwan would have five foreign life insurance companies, including the Taiwan branches of Cardif Assurance Vie (法國巴黎人壽) and AIA Taiwan (友邦人壽), commission data showed.
The total number of life insurance companies would drop from 22 to 21, the data showed.
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