Starr Insurance enters Thailand to expand global presence
Starr Insurance Companies (Starr) is a global insurance and investment organisation, which provides property and casualty insurance solutions to business and industry.
It has a presence on six continents providing property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance.
In addition to offering products, Starr also provides a broad spectrum of insurance-related services, including claims handling and settlement, reinsurance, risk assessment, and loss control.
The company can trace its roots back to December 1919, when Cornelius Vander Starr founded an insurance enterprise in Shanghai, China. Starr formed Starr International in September 1943 in Panama, and during the 1940s, Starr International became the parent company to all of the overseas companies. C.V. Starr & Co was later established in 1950, becoming the parent company for various Starr insurance enterprises.
Entering into a new market
The insurance company recently announced that it is now expanding into Thailand, after it reached an agreement with FPG Insurance Holdings Limited (HK) (FPG) and local Thai shareholders to purchase FPG Insurance Public Company Limited (FPG Thailand), a Thai non-life insurance company, together with local Thai parties.
Maurice R. Greenberg, Starr’s Chairman & CEO, explained: “Thailand is an important, fast-growing insurance market — one of the cornerstones of the Southeast Asia economy. Asia is both commercially and culturally important to Starr, as we trace our roots to an American-owned company founded in Shanghai more than 100 years ago. We look forward to serving the needs of local Thai companies and consumers through this new insurance capability.”
Starr expects to strengthen local product offerings with tailored commercial insurance and Accident & Health (A&H) products and plans to further maximize its growth by recruiting and developing local Thai insurance talent. Previously, Starr supported the Thai insurance market primarily through its provision of reinsurance products, including Technical Risks, Casualty, Marine, and A&H products.
David Zuellig, FPG regional chairman, added, “This transaction reflects the standing of our franchises and is the product of the hard work, persistence, and determination of the FPG Thailand team despite challenging market conditions. The team is excited and ready to work with Starr in bringing the company to the next level.”
