Former AIG boss Maurice (Hank) Greenberg is setting up a new Philippines operation under his Starr Companies.

Starr, parent of Bermuda-based Starr Insurance and Reinsurance, is building a non-life insurance platform in the Philippines that will focus on commercial insurance, accident and health insurance — areas which Greenberg feels are underserved in this market.

Reinsurance would also be offered but on a selective basis, “if it meets our standards,” Greenberg said.

In a media briefing yesterday, Greenberg said he was expecting more foreign investors to flock to the Philippines — whose government recently obtained an investment grade credit-rating from three major global credit watchers — saying this surge in investments would trigger an increase in demand for non-life insurance.

Starr was among the founders of global insurer AIG but it remained as a niche and privately held player since then.

Greenberg said that when he left AIG in 2005, the decision was to regrow the Starr companies, the Philippine Daily Inquirer reports.

“I built my former company to the largest company in history and we’ll build this one to a large company,” he said.

To date, the Starr Group has about 2,500 to 3,000 employees worldwide.

In the Philippines, Greenberg said the goal would be to grow the non-life insurance business to “as big as we possibly can.” The products will be distributed mostly through brokers but Starr also plans to tap agents for special products such as “assist card.”

According to the Philippine Daily Inquirer, the “assist card” is probably the best product for people who travel any place in the world.

One needs to just pick up the telephone and Starr will take care of the client’s needs — for instance, doctor or lawyer — and services wherever he is in the world.

Starr sees opportunities to serve some 10 million Filipino migrant workers. “We will insure many of Filipinos who work overseas,” he said.

Asked how significant the Philippines was for Starr’s Asia-Pacific strategy, Greenberg said this was a growing economy with bright prospects.

“The government has a lot of credibility,” Greenberg said. “The Philippines generally is viewed very, very positively and we will participate in this growth.”