The Starr group, led by Maurice "Hank" Greenberg, the former chief executive of American International Group Inc., has taken control of Dazhong Insurance in a deal described by the company as the first foreign takeover of a state-backed Chinese general insurer.
"We have increased our ownership to almost 93% of the company," Mr. Greenberg said in an interview. Starr took a 20% stake in the Chinese property and casualty insurer in 2011 before starting talks in 2013 about increasing that holding….
"We'll make whatever changes we need to make," he said of the company he has taken private. "It's not a state-owned enterprise so we will be able to have more flexibility…."
"It'll be a big company," Mr. Greenberg said. "I've always liked building and that is what I am doing."