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Note: Starr Tech has not been afraid to call for changes in the energy insurance market, says its president Richard Shaak.
Starr Tech was formed in 1967 and is the firm's energy agency, writing first-party business. It started out focused on the onshore energy market, providing insurance to refineries, petrochemical and chemical firms. The agency expanded to other technical risks in the 1990s, insuring utilities and process industries such as paper, mining and steel.
After severing ties with AIG, Starr Tech started offering cover on behalf of Ace and Berkshire Hathaway. The agency has historically focused on North American business. But since 2007 it has gone global, adding offices in Hong Kong and London. It has also expanded into exploration and production business.
Richard Shaak, president and CEO of Starr Tech, says the agency has a competitive advantage because it has underwriting, engineering and claims capabilities all in-house.
"You'll find some companies will have engineering as a different business and claims as a different segment of their shop as well," he says. "We think it is very important because it is a niche industry to have all three of those working closely together so we can look at trends faster and respond to our clients' needs and desires. If we need to modify coverages or respond to claims issues, it is better to work with a team approach instead of two or three separate silos. So a big differentiator of Starr Tech is the people servicing the business."
Shaak says Starr Tech provides a one-stop shop with more than 200 people servicing the business from loss control to claims. The staff figure has increased from...