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To Download a PDF of an Interview with Maurice New York’s Resilience A Relationship Business An Interview with Maurice R. Greenberg, Starr Insurance Companies EDITORS’ NOTE Maurice R. to $180 billion, becoming the largest You were a pioneer in doing business Greenberg is Chairman of Starr insurance company in the world at that in China and have spent decades committed Insurance Companies, a global time. I left AIG in March 2005, amid to building a strong and positive relation- insurance and investment orga- allegations of accounting fraud at the ship between China and the United States. nization. Starr was founded by company brought by former New York How concerned are you about the state of Cornelius Vander Starr in 1919 Attorney General Eliot Spitzer. Spitzer’s the relationship today and what is needed in Shanghai, China. Greenberg case was terminated without any fi nd- to effectively address the future of China- formed American International ing by the court of any wrongdoing by U.S. relations? Group, Inc. (AIG) as a Starr sub- me; the allegations were not supported I am very concerned about the current sidiary, and served as that com- by the evidence. Three respected AIG state of this relationship. The two countries pany’s Chairman and CEO until board members resigned in protest need to be working together to address the cri- March 2005. Under his nearly 40 of my treatment by AIG and the state ses facing the world. It is critical for the two years of leadership, AIG grew from Maurice R. Greenberg authorities. AIG has struggled fi nan- governments to work this out and strengthen an initial market value of $300 mil- cially ever since and is a shadow of its the relationship. Many leading businesses from lion to $180 billion, becoming the largest insur- former standing as one of the world’s largest and both countries are working effectively together ance company in the world. Greenberg is also most valuable companies. What happened to and it is important for the business relationship the Chairman of The Starr Foundation, a phil- AIG should have never happened. between the two countries to be strong and anthropic organization initially funded by Will you discuss Starr’s global footprint mutually benefi cial. Cornelius Vander Starr’s estate. The Foundation and expansion into new markets? Starr is headquartered in New York has made more than $3.5 billion in grants to We work throughout Asia – including City and has a long and deep commitment many academic, medical, cultural and pub- China, where we’re doing quite well – as well to New York. What is your outlook for New lic policy organizations around the world. as Europe and Latin America where business York’s recovery and what needs to be done Greenberg received his pre-law certifi cate from is very strong. We are performing well in the to bring New York back? the University of Miami and an LLB from New United States and are on budget despite the The political situation in New York City is York Law School. challenges and crises facing all businesses. We concerning and the mayor is not very popu- are clearly doing something right – we have a lar. The New York economy is suffering and COMPANY BRIEF Starr Insurance Companies solid strategy, and we have the right people to the only way to make this up is to raise taxes. (starrcompanies.com) is a global, privately- execute on that strategy. I personally work with It is hard to know how many companies will held insurance and investments organization. brokers around the country almost every day, leave New York and how those that remain will Through its operating insurance companies, and we are getting new business and building adapt. We have elections coming up but it is Starr Insurance Companies provides commer- new relationships. very hard to forecast what will happen. cial property and casualty, as well as accident How challenging is it to differentiate Resilience is critical during times of cri- and health insurance products worldwide, with in the industry and is the business being sis. Was your resilience and ability to lead signifi cant access to the U.S. excess and surplus driven by price? shaped during your time in the military? marketplace for certain lines of business. Starr It is challenging, but this is the job of I was a platoon sergeant when I was 19 Insurance Companies underwrites a wide vari- our people. We have attracted new business years old and you learn to make quick deci- ety of specialty and international lines includ- recently because those clients understood what sions and follow your instinct or you won’t be ing aviation, marine, energy, environmental, Starr can do and how we can provide solutions. around. I commanded a company in Korea and crisis management, excess casualty insurance, Price will always be important but it is only one left the service as a Captain. I had the oppor- accident and health, and political risk insur- piece of why a client selects a partner. We are tunity to attend West Point and still think about ance. Starr Insurance Companies also provides focused on all aspects of the client relationship. that from time to time and whether that is some- a broad spectrum of insurance-related services Insurance is a relationship business. thing I should have done. including claims handling and settlement, rein- How critical is it for Starr to remain What advice do you offer to young peo- surance, risk assessment, loss control and world- entrepreneurial as it grows in size and ple interested in a career in the insurance wide travel assistance service. scale? industry? This is part of our culture. People who Starr is recruiting all the time. Insurance is You are known as a builder who grows com- work for us know that this is who we are, and a necessary element to growing any business panies. Will you highlight Starr’s growth to be successful here you need to enjoy that and any economy. We have hired many people and performance? environment. Our people are creative and entre- out of the best schools who understand that this Starr is performing very well, with a very preneurial. We are using technology to continue is a dynamic industry that offers great opportu- satisfactory combined ratio well under 100, and to build our client relationships and attract new nities to grow and make an impact. The insur- we are well ahead of budget for 2020. As you customers. During this time when people are ance industry offers tremendous opportunities know, I and my colleagues had previously built working remotely, it is vital to interact with cli- for young people and we are attracting the best AIG from an initial market value of $300 million ents as well as with your people. and brightest at Starr.• 140 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2020 LEADERS MAGAZINE, LLC VOLUME 43, NUMBER 4.
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