BEIJING: Young, privately owned and ambitious, Anbang Insurance Group (AIG) stands out in China’s staid, state-dominated insurance industry. Founded just 12 years ago, Anbang made a splash in the United States in 2014 with its $2 billion purchase of New York City’s Waldorf Astoria Hotel. Since then, it has plowed more billions into acquiring insurers in Belgium, the Netherlands, Iowa and South Korea. Last week, it agreed to pay $6.5 billion for Strategic Hotels & Resorts, an American hotel chain. On Monday, it went after even bigger game, launching a surprise $14 billion bid with partners for Starwood hotel chain. Anbang aims to become one of ‘top 10 comprehensive financial groups in world’.