The establishment of a fully-operational commercial and personal insurance environment is essential for a viable, sustainable and expansive United States business presence in the Republic of Cuba.
The availability of commercial insurance is essential for a full-scale resumption of a vibrant United States financial presence to and within the Republic of Cuba.
Mr. Maurice R. Greenberg, Chairman of Starr Companies, visited the Republic of Cuba on 14 January 2016 and 18 June 2015. Mr. Greenberg is the Chairman of New York, New York-based Starr Companies and the former Chairman and Chief Executive Officer of New York, New York-based American International Group (AIG).
“Starr Companies (or Starr) is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C.V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on five continents; through its operating insurance companies, Starr provides property, casualty, and accident & health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, Hong Kong and Singapore each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong). Starr’s insurance company subsidiary domiciled in China has an A.M. Best rating of “A-” (Excellent).”
Media Release Excerpts:
Starr Companies’ Assist Card Smalline S.A. Signs Letter of Intent with Asistur S.A., a Cuban Domiciled Company
July 06, 2016
New York, NY – July 6, 2016 – Starr Companies announced today that Assist Card Smalline S.A. “Assist Card,” a wholly owned subsidiary, signed a Letter of Intent with Asistur S.A. “Asistur,” domiciled in Cuba, to provide travel assistance services to the growing number of authorized travelers to Cuba. Assist Card and Asistur signed the agreement during a recent visit to Havana, Cuba.
“Agreements like these are important steps in expanding trade relationships between U.S. and Cuban companies,” says Maurice R. Greenberg, Chairman, Starr Companies. “We look forward to continued efforts.”
Starr Companies Statement on Cuba
February 23, 2015
New York, NY – Monday, February 23, 2015 – As certain U.S.-imposed travel and other restrictions regarding Cuba have recently been eased, many U.S. travelers and businesses are considering new opportunities in the country. Maurice R. Greenberg, Chairman of Starr International Company, Inc., issued a statement noting Starr Companies’ unique and historic relationship with Cuba.
“We are at the beginning of what could be new opportunities as Cuba and the United States explore ways of ending years of travel and trade restrictions,” Greenberg says. “Starr is committed to assisting clients that wish to explore their own opportunities in Cuba.”
Starr Companies established its international headquarters in Havana, Cuba in 1943, after it relocated from Shanghai, China. It operated there for nearly 15 years, until it relocated to Bermuda, after diplomatic relations between the United States and Cuba were severed in 1961.
The U.S. began easing restrictions on travel to Cuba on January 16, 2015, thereby prompting large numbers of U.S. individual and business travelers to begin planning visits to Cuba for the purpose of exploring potential local business, cultural and educational opportunities. However, the development of any such opportunities will take time and patience, as the Cuban people and government adjust to an evolving diplomatic and economic relationship with the United States.
Assist-Card International Holdings SA, a Starr subsidiary, operates a leading global travel assistance services business that is uniquely positioned to provide travel assistance services and insurance to individuals seeking to travel to Cuba.
“The challenges of doing business in Cuba are substantial,” Greenberg says. “But Starr is well-positioned and prepared to leverage our relationships and global network to support our clients’ entry into this market.”