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NEW YORK—Starr Cos. on Tuesday said it has received a license to operate as a direct insurer in Singapore.
The Monetary Assn. of Singapore granted the license to Starr International Insurance (Singapore) Pte. Ltd., a wholly owned subsidiary of Starr Insurance & Reinsurance Ltd., which is a subsidiary of New York-based Starr International Company Inc.
The license will enable Starr to offer property, casualty, marine, aviation, financial lines and political risk insurance.
“We are pleased that the MAS has granted a full license, and we are confident about the opportunities in Singapore,” said Ed Navarro, head of international insurance operations for Starr Cos., in a statement.
To lead the new business, Starr named insurance industry veteran Chat Tat Yoong as the principal officer of the Singapore operations. Mr. Tat Yoong has 20 years' experience in the insurance industry, including serving as a general manager with Zurich Financial Services Ltd. in Singapore.
“Tat Yoong’s experience running branches for multinational insurance companies as well as his excellent relationships will serve us well as we expand our operation,” Mr. Navarro said.