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CV Starr unit in MBO talks

The senior management of CV Starr's accident and health subsidiary are in negotiations with industry legend Hank Greenberg to buy themselves out of the parent holding company.

Starr Global Accident & Health is one of five operating subsidiaries wholly owned by holding company CV Starr & Co.

CV Starr is the privately held insurance agency that has been led by former AIG CEO Greenberg since 1965.

The insurance agency turns over around $2bn annually.

In a 3 September circular to Starr Global staff prompted by market speculation, president and CEO Peter McGuire said: "Yesterday afternoon the senior management of the agency entered into negotiations with Mr Greenberg to buy back the agency. We are in the process of preparing a plan, which we will present to Mr Greenberg in due course."

No further details were given. Staff will be updated as negotiations progress, McGuire added.

McGuire is a veteran of Willis and QBE. Other members of the senior management team include chief underwriting officer James Denison - another former QBE man - and Mark Musser, the company's CFO who was previously with Madison National Life Insurance.

CV Starr declined to comment.

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