New York, NY
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 Insurance 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 Insurance 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.”
Starr Insurance 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).
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