Dazhong, Starr deal agreed by regulators
By Zhang Fengming |
June 4, 2011, Saturday
|
Print Edition
Print Edition
DAZHONG Insurance Co yesterday said it has got the regulatory approval to include Starr International Co as its strategic investor.
Starr International, through its subsidiary, Starr Insurance & Reinsurance Ltd, will hold a 20 percent stake in Shanghai-based Dazhong Insurance, making it the single biggest shareholder.
"We believe that Starr International will be an excellent partner to Dazhong Insurance, and we intend to leverage their extensive experience and expertise," Shi Fuliang, chairman of Dazhong Insurance, said in a statement yesterday.
Maurice R. Greenberg, chairman and chief executive officer of CV Starr & Co and Starr International, said China's growth necessitated the need for insurance products and services.
Shanghai regulators have backed the deal to boost local financial companies' strength with capital and expertise from foreign institutions.
Starr International, through its subsidiary, Starr Insurance & Reinsurance Ltd, will hold a 20 percent stake in Shanghai-based Dazhong Insurance, making it the single biggest shareholder.
"We believe that Starr International will be an excellent partner to Dazhong Insurance, and we intend to leverage their extensive experience and expertise," Shi Fuliang, chairman of Dazhong Insurance, said in a statement yesterday.
Maurice R. Greenberg, chairman and chief executive officer of CV Starr & Co and Starr International, said China's growth necessitated the need for insurance products and services.
Shanghai regulators have backed the deal to boost local financial companies' strength with capital and expertise from foreign institutions.
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