Nationality American Occupation Businessman | Name Cornelius Starr | |
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Born October 15, 1892 Chicago, Illinois Other names Neil Starr, C. V. Starr Died December 20, 1968, Manhattan, New York City, New York, United States Organizations founded American International Group People also search for W. Don Cornwell, Peter D. Hancock, Edmund Tse | ||
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Cornelius Vander Starr also known as Neil Starr or C. V. Starr (October 15, 1892 – December 20, 1968) was an American businessman and operative of the Office of Strategic Services, the predecessor of the CIA, who was best known for founding in 1919 in Shanghai, China C.V. Starr & Co. (Starr Companies). Starr's "hand-picked successor" was Maurice Greenberg, who took a lead role in forming the AIG as a Starr subsidiary. AIG grew from an initial market value of $300 million to $180 billion, becoming the largest insurance company in the world.
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Early life
Starr was born to parents of English and Dutch ancestry. His father was a railroad engineer. After dropping out of college at the University of California, Berkeley, C.V. Starr returned to his hometown of Ft. Bragg, CA, where he began his first business venture, selling ice cream, at the age of nineteen.
He joined the U.S. Army in 1918 but was never deployed overseas because World War I had ended. Unable to resist a strong urge to travel and understand the world, he joined the Pacific Mail Steamship Company as a clerk in Yokohama, Japan. Later that year, he traveled to Shanghai where he worked for several insurance businesses.
AIG
In 1919 he founded what was then known as American Asiatic Underwriters (later American International Underwriters) in Shanghai, China, a global insurance and investment organization. He had long been aware of the described and looming "Chinese Century." It has been reported that he worked for the Office of Strategic Services during World War II while in China. He was forced to move his operation to New York in 1939, when Japan invaded China.
In 2000 Mark Fritz wrote in the article entitled The Secret (Insurance) Agent Men for the Los Angeles Times: "They knew which factories to burn, which bridges to blow up, which cargo ships could be sunk in good conscience. They had pothole counts for roads used for invasion and head counts for city blocks marked for incineration. They weren’t just secret agents. They were secret insurance agents. These undercover underwriters gave their World War II spymasters access to a global industry that both bankrolled and, ultimately, helped bring down Adolf Hitler’s Third Reich. Newly declassified U.S. intelligence files tell the remarkable story of the ultra-secret Insurance Intelligence Unit, a component of the Office of Strategic Services, a forerunner of the CIA, and its elite counterintelligence branch X-2."
After the World War II, he hired O.S.S. captain Duncan Lee, a lawyer, who was the long-term general counsel of AIG.
AIG left China in early 1949, as Mao Zedong led the advance of the Communist People's Liberation Army on Shanghai, and Starr moved the company headquarters to its current home in New York City. AIG was once the world's largest insurance company.
Legacy
In 1955 he founded the C. V. Starr Foundation, to which he left his entire residuary estate, after a small amount in the eight figures along with his house in Brewster was awarded to his niece upon his death in 1968. He set up several other trusts for his close relatives. The sum of money left to his niece and relatives (not including the majority of his wealth left to charity) would have been worth several billion USD in the 21st century. As of 2013 the C. V. Starr Foundation still gives between 100 and 200 million dollars USD annually to charities and causes around the world respectively. The C. V. Starr East Asian Library at Columbia University was named for Starr in recognition of an endowment gift by the Starr Foundation in 1981. The C. V. Starr East Asian Library at the University of Illinois. There is also the C. V. Starr East Asian Library at the University of California, Berkeley, which houses 900,000 volumes in Chinese, Japanese, Korean, and other East Asian languages, making it one of the top two such collections in the United States outside of the Library of Congress. Students at Hofstra University will know C.V. Starr Hall as home to the Frank G. Zarb School of Business, a state-of-the-art technologically advanced building, which opened for classes in the fall of 2000 and houses the Martin B. Greenberg Trading Room complete with a stock ticker that is delayed only 15 minutes from Wall Street. The C.V. Starr Center for the Study of the American Experience in Chestertown, MD, works in conjunction with Washington College to promote the American Pictures Series at the National Portrait Gallery in Washington D.C.
Starr was also an early investor in skiing at Mount Mansfield in Stowe, Vermont, acquiring the Stowe Mountain Resort in 1949. It passed on to AIG in 1988.