Korean Reinsurance Co. obtained approval on Feb. 18, 2020 to open a representative office in Bogota, Colombia. This move is in line with its corporate strategy to further diversify into the Latin American markets, the company said in a statement.
The Bogota office will be open for business during the first half of 2020, covering the Latin America and the Caribbean region. With the new operation, Korean Re plans to start underwriting businesses in property, casualty and bouquet treaty lines, and will expand later into life, facultative, and other lines.
CEO Jong-Gyu Won said this further step into the region will help the company expand into new markets beyond the saturated domestic Korean market. Jong-Gyu Won has been leading the company’s global expansion strategy since taking the helm of Korean Re in 2013.
Korean Re has completed the establishment of a branch office in Shanghai as the company received final approval from the authorities of the People’s Republic of China on Dec. 27, 2019.
The new office in Shanghai will be Korean Re’s second representation in China, after its Beijing liaison office, which was launched in 1997. While the office in Beijing has been focused on market research and support functions, the office in Shanghai will be the center for real business activities in the country, said Korean Re in a statement.
The company’s Bogota business move, comes on the heels of a January announcement that it had completed the launch of a branch office in Shanghai.
Source: Korean Reinsurance Co.
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