Starr Companies has announced the completion of its majority ownership of Shanghai based Dazhong Insurance Company Limited of China. The company will be renamed as Starr Property & Casualty Insurance (China) Company, Limited (Starr China).
“We are pleased to announce this milestone which is, in many ways, a homecoming for Starr. Our company can trace its roots back to Shanghai when C. V. Starr established an insurance agency there in 1919. Our history, experience and commitment to the country makes us uniquely qualified to serve the growing insurance marketplace in China,” Maurice R. [Hank] Greenberg, Chairman of Starr International Company, Inc. stated.
The Company has been rated ‘A’- (Excellent) with a Stable Outlook by A.M. Best.
Starr’s bulletin said it plans to “expand the product portfolio, beyond the existing auto insurance programs, with an array of commercial property and casualty products. Chinese corporations and businesses will be able to access secure coverage for various exposures such as accident and health insurance, political risk, financial and management liability, energy, environmental, aviation, marine, food safety, construction and property.”
Source: Starr Companies