CV Starr mulls insurance JV in Shanghai

Jul. 15, 2009 (China Knowledge) - U.S.-based CV Starr & Co is considering establishing an insurance joint venture (JV) in Shanghai, said Chairman and CEO Maurice R. Greenberg, the Shanghai Daily reported.

CV Starr is interested in seeking opportunities to launch an insurance JV in Shanghai as the need for insurance products is growing in the city, said Greenberg. He believes that China, especially Shanghai, could lead the way in recovery from the global financial crisis.

The U.S. company, which has investment professionals in New York, Hong Kong, Shanghai, Beijing and Moscow, has already shifted an investment team from Hong Kong to Shanghai.

CV Starr, with focuses on private and public equity, real estate and debt investment, manages its own investment activities along with clients' funds, sources said.

Shanghai will provide more favorable policies to develop the city’s service industry, including the financial sector, said Shanghai Mayor Han Zheng.

The city's service industry realized a stable growth in the first half of this year, said Han, adding that the service industry is better cushioned than the manufacturing industry amid the global economic recession.