Asia Capital Re Opens Korea Branch Office

Asia Capital Reinsurance Group Pte. Ltd. (“Asia Capital Re”) has received the final licence approval from the Republic of Korea’s Financial Services Commission on 21 September 2016 to open its branch office in Seoul. Asia Capital Re’s third branch office also began operations on the same day.

On Asia Capital Re’s further expansion into Asia’s third largest non-life insurance market, ACR Capital Holdings Group Chief Executive, Mr Hans-Peter Gerhardt, said, “Over the last five years, our Korea Representative Office allowed us to develop an intimate understanding of the local market’s risk landscape. It is now timely that we take the next step in our commitment to the Korean (re)insurance industry with the establishment of our branch office in Seoul. As a reinsurer focused on Asia, our expansion into the South Korean market is the latest step in delivering on our promise of being in Asia for Asia.”

The Korea Branch Office is headed by Principal Officer, Mr Jeffrey Lee Jun Soo, who holds 28 years of reinsurance experience. Mr Lee has led Asia Capital Re’s Korean portfolio since he joined the company in 2012. Prior to that, Mr Lee was General Manager of the reinsurance department at Samsung Fire & Marine Insurance Co. Ltd.

Mr Lee said, “As one of Asia’s key economies, Korea is an important market for Asia Capital Re. We have developed strong relationships with our business partners in the market and continually seek ways to improve our suite of risk solutions offerings that are dedicated to their needs. Our local reinsurance operations in South Korea will place us in a better position to work intimately with our business partners on the ground to more effectively serve their needs.”

Headquartered in Singapore, Asia Capital Re’s regional presence spans across the pan-Asian region, with offices also in Hong Kong, Dubai, Taiwan, Japan, Vietnam and India. – BusinessNewsAsia.com