Starr International, a private insurance holding company, has been approved by the China Insurance Regulatory Commission(CIRC) as a strategic equity investor of Dazhong Insurance Company of China.

This approval allows Starr International, through its subsidiary, Starr Insurance & Reinsurance, to take a significant equity position in Dazhong Insurance and become its single shareholder.

Together, the companies are expected to leverage Starr International’s product and distribution expertise to broaden the companies’ offerings and expand within China.

Starr International chairman and CEO Maurice Greenberg said 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," Greenberg said.

Starr Companies, comprised of CV Starr & Co and Starr International USA, is a global, privately held, insurance, financial services, and investments organization.

Starr’s insurance agencies write specialty lines covering aviation, marine, energy, property and excess casualty insurance, including risks with international exposures.