United States insurance company Chubb Corp has launched its first China operation in Shanghai. The wholly owned branch of the US parent will sell property and casualty insurance to foreign companies and Sino-foreign ventures in the Shanghai area. Chubb chairman Dean O'Hare expects the branch to be profitable within five years. Chubb is the fifth foreign non-life insurer to receive a licence, after American International Group, Tokio Marine & Fire, Winterthur and Royal & Sun Alliance Group. In May last year Chubb, John Hancock Mutual Life Insurance of the US, Canada's Sun Life Assurance and Britain's Prudential were licensed.