The China Insurance Regulatory Commission has given Starr International Company Inc. permission to buy a large stake in Dazhong Insurance Company Ltd.

Starr International, a unit of the Starr Companies, New York, will now be able to buy a large stake in Dazhong Insurance, Shanghai, and become the company’s largest single shareholder, Starr Companies says.

Dazhong Insurance sells insurance products and wealth management services.

Starr Companies is investing in the company because China is “experiencing creating an increasing need for insurance products and services,” Starr Companies Chairman Maurice Greenberg says in a statement about the transactions.

Greenberg is the former chairman of American International Group Inc., New York (NYSE:AIG).

- Rory Banim

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