Posted on 07 Jun 2011
Starr Companies has announced that Starr International Company, Inc. has been approved by the China Insurance Regulatory Commission as a strategic equity investor of Dazhong Insurance Company Limited of China.
This approval allows Starr International, through its subsidiary, Starr Insurance & Reinsurance Limited, to take a significant equity position in Dazhong Insurance and become its largest single shareholder.
In a statement, Maurice R. Greenberg, Chairman and CEO of C.V. Starr & Co., Inc. and Starr International shared: “China is experiencing incredible growth, creating an increasing need for insurance products and services. We recognize Dazhong as a company with great potential – one that is positioned to emerge as one of the most significant insurance organizations in the region.”
Together, the companies are expected to leverage Starr International’s product and distribution expertise to broaden the companies’ offerings and expand within China.
Starr Companies, comprised of C. V. Starr & Co., Inc. and Starr International USA, Inc., is a global,privately held, insurance, financial services, and investments organization. Starr’s insurance agencies write specialty lines covering aviation, marine, energy, property and excess casualty insurance, including risks with international exposures. Starr’s insurance companies, Starr Indemnity & Liability Company and Starr Surplus Lines Insurance Company, provide high-quality, customized property and casualty and accident & heath insurance products, with significant access to the excess and surplus marketplace for certain lines of business.