Philippines Inquirer - Former AIG Boss Puts Up PH Insurance Unit

October 29, 2013

After leading AIG to become the world’s biggest insurance firm only to watch it crumble from the sidelines during the Wall Street crisis a few years after he left, ex-AIG chair Maurice “Hank” Greenberg is now building an international non-life insurance empire under his Starr Group of Companies.

Starr recently set up its non-life insurance platform in the Philippines that will focus on commercial insurance, accident and health insurance—areas which Greenberg feels are underserved in this market and do not compete with the thriving life insurance business of Philippine American Life and General Insurance Co. (Philam Life).

Reinsurance would also be offered but on a selective basis, “if it meets our standards,” Greenberg said.

In a media briefing Tuesday, Greenberg said he was expecting more foreign investors to flock to the Philippines—whose government recently obtained an investment grade credit-rating from three major global credit watchers—saying this surge in investments would trigger an increase in demand for non-life insurance. 

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