Starr Insurance Companies has announced the establishment of Starr Labuan, a Labuan Branch of Starr International Insurance (Singapore) Pte. Ltd.
The Labuan branch has successfully obtained a license from the Labuan Financial Services Authority for Labuan general insurance and reinsurance.
This expansion reinforces Starr's commitment to the Asia Pacific region and aims to enhance its (re)insurance product offerings for policyholders and cedants in Malaysia, the company said.
With Malaysia's robust and rapidly growing economy, this strategic move positions Starr to tap into the thriving insurance market and provide comprehensive coverage solutions to companies across the nation.
“Malaysia is one of the fastest-growing economies in the region,” said Philip Finley, president and Asia Pacific regional manager for Starr. “This new license provides Starr with a significant new facility to serve the insurance and reinsurance needs of companies across Malaysia."
To oversee the operations of Starr Labuan, Rawi Letchumanan has been appointed as the local manager.
The establishment of Starr Labuan marks another milestone in Starr's global expansion strategy. With a presence on six continents, Starr Insurance Companies and its subsidiaries offer a wide range of insurance and investment products, catering to diverse sectors such as property, casualty, accident and health, as well as specialty coverages like aviation, marine, energy, and excess casualty insurance.
Each subsidiary domiciled in the U.S., Bermuda, China, Hong Kong, Malta, Singapore, Switzerland, and the U.K. holds an A.M. Best rating of "A" (Excellent). Furthermore, Starr's Lloyd's syndicate has been awarded a Standard & Poor's rating of "A+" (Strong).