Starr Cos. expands reach in China with Shanghai purchase

Starr Cos. has completed its purchase of majority ownership of Shanghai-based Dazhong Insurance Co. Ltd., of China, Starr said Wednesday.

The Chinese insurer will be known as Starr Property & Casualty Insurance (China) Co. Ltd., or Starr China, New York-based Starr said in a statement.

Starr said it will expand the Chinese insurer’s product portfolio beyond its existing auto insurance programs “with an array of commercial property and casualty products. Chinese corporations and businesses will be able to access secure coverage for various exposures such as accident and health insurance, political risk, financial and management liability.”