NU Online News Service, June 6, 1:48 p.m. EDT
Starr International Co. Inc. has been approved as a strategic equity investor of Dazhong Insurance Co. Limited of China, paving the way for Starr to become Dazhong Insurance's largest single shareholder.
Regulatory approval was granted by the China Insurance Regulatory Commission.
Maurice R. Greenberg, chairman and CEO of C.V. Starr & Co. and Starr International, says in a statement: "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."
Dazhong and Starr International are expected to leverage Starr International's product and distribution expertise to broaden the companies' offerings and expand within China, says Starr.
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