Chubb, a property and casualty insurance company, agreed to acquire an additional 32.9% stake in Huatai Insurance, the holding company of a number of subsidiary companies. Financial terms were not disclosed. "This is the culmination of a 20-year effort. Upon the closing of the acquisition of these shares, Chubb will be the first foreign financial institution to majority-own a Chinese financial services holding company, with separate P&C, life, asset management and mutual fund subsidiaries. China is currently the second largest insurance market after the United States. With an aging and more affluent society comes the growing demands for insurance and asset management products and services. We take a long-term view, and I am confident Huatai will grow in time to become a meaningful contributor to our revenue and earnings in the future," Evan G. Greenberg, Chubb Chairman and CEO.