Starr Insurance Companies, based in New York City, has expanded its presence in Malaysia with the establishment of Labuan Branch (“Starr Labuan”) of Starr International Insurance (Singapore) Pte. Ltd., according to a press release. The non-life insurance company will abide by the laws of Singapore.
“Malaysia is one of the fastest-growing economies in the region,” Philip Finley, president, Asia Pacific regional manager for Starr, said. “This new license provides Starr with a significant new facility to serve the insurance and reinsurance needs of companies across Malaysia.”
In correlation with the launch, Starr Labuan has obtained a general insurance and reinsurance license from the Labuan Financial Services Authority for Labuan.
“The establishment of Starr Labuan demonstrates Starr’s commitment to the broader Asia Pacific region,” a recent press release stated.
Both the new and renewal business, produced by Starr Underwriting Agents Limited, will now be developed by Starr Labuan. Rawi Letchumanan will oversee the center as its local manager.
The initiative is one of Starr Insurance’s latest efforts to expand its (re)insurance product offerings, aimed at policyholders and cedants in Malaysia, and overall presence in the Asia Pacific region.
Specializing in property, casualty and accident and health insurance products, and other forms of coverage across a range of industries, such as aviation, marine, energy and excess casualty insurance, Starr has established an operational presence in six continents.
The company’s subsidiaries are based in the U.S., Bermuda, China, Hong Kong, Malta, Singapore, Switzerland and U.K. Starr’s Lloyd’s syndicate has acquired a Standard & Poor’s rating of “A+” (Strong).
“Starr Insurance Companies (or Starr) is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries,” a recent press release stated.