Starr Cos. Opens Singapore Office

Starr Cos. said it has opened an office in Singapore after receiving a direct general license from the Monetary Association of Singapore to operate as a direct insurer in the republic.

The insurance license was granted to Starr International Insurance (Singapore) Pte. Ltd., a wholly owned subsidiary of Starr Insurance & Reinsurance Ltd.

Starr’s insurance offerings to the market include property, casualty, marine, aviation, financial lines and political risk insurance solutions, the company said.

Chat Tat Yoong, an insurance executive with 20 years' experience, has been named the principal officer of Singapore operations.

This new regional hub continues to expand Starr’s footprint in the Asia-Pacific region. The company has offices in Singapore, Beijing, Shanghai, Malaysia, Australia, Hong Kong and Taiwan, but has full licenses in Singapore, Malaysia and Hong Kong.

In February, A.M. Best Co. assigned a financial strength rating of A (Excellent) to Starr International Insurance (Singapore) Pte. Ltd. The company received an in-principle approval letter from the MAS Oct. 20, 2011 (Best's News Service, Feb. 24, 2012).

Starr Insurance & Reinsurance Ltd. was established in Bermuda in April 2007. The company currently participates in several programs, such as specialty commercial lines and global catastrophe reinsurance, including property, casualty, marine, aviation and accident & health lines of business, according to BestLink. In 2011, the company acquired a 20% stake in Dazhong Insurance Co. Ltd. of China, which provides property/casualty insurance products in the People's Republic of China.

The company plans to diversify its portfolio by steadily shifting to accident and health, casualty and engineering, according to BestLink.

Starr Insurance & Reinsurance Ltd. currently has a Best's Financial Strength Rating of A (Excellent).

Starr Cos. is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of privately held Starr International Co. Inc. and for the investment management business of C.V. Starr & Co. Inc.

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)