23 August 2019

Greenberg group lifts Dazhong Insurance stake to 93%, WSJ says

The Starr Group, which is led by Maurice “Hank” Greenberg, the former chief executive of American International Group Inc. (AIG), has taken control of Dazhong Insurance, in what is said to be first foreign takeover of a state-backed Chinese general insurer, the Wall Street Journal reported Tuesday. “We have increased our ownership to almost 93 percent of the company,” Greenberg was quoted as saying in an interview. Starr took a 20 percent stake in the Chinese property and casualty insurer in 2011 before starting talks in 2013 about increasing that holding. Greenberg declined to outline the details of the acquisition, the report said. 

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