Starr Insurance & Reinsurance Limited said it has been approved to open a branch office in Canada by the Office of the Superintendent of Financial Institutions in Canada (OSFI).
Starr said it has opened branch office in Toronto and will directly write a variety of commercial insurance lines.
The company has named Hano Pak as the chief agent of Starr Insurance & Reinsurance Ltd. and the country executive. Pak will be responsible for the overall growth, profitability, and distribution of Starr’s insurance offerings in Canada. Pak joins Starr with 17 years of experience working for various global insurance carriers.
“The news of the Federal Order from OSFI is another significant step in Starr’s global reach. Furthermore, Hano’s knowledge and experience in the Canadian commercial insurance market will be assets as we grow our presence in North America,” said Charles Dangelo, vice chairman of Starr Insurance & Reinsurance Ltd.
Starr said it has already received a number of provincial licenses, including most recently in Ontario.