Korean Re sets up second branch in China

Korean Re has set up a second site in China, in Shanghai, to add to its presence in the country which started with the opening of its Beijing office in 1997.

The Shanghai branch will be the reinsurer’s sales base in China, with the Beijing office leading on market research.

Geographical expansion is a key part of the firm’s strategy. This prompted the launch of an office in Zurich in June last year, as well as the confirmation of plans to launch a liaison office in Bogota, Colombia, in the first half of 2020. The Bogota office will support the reinsurer’s business growth intp Latin America and the Caribbean region.

Korean Re said that the Bogata office will “serve as a transport hub enabling Korean Re to secure easier access to local clients in neighboring countries”.

Colombia allows reinsurers to set up a liaison office, which Korean Re described as "an attractive option" as it does not require initial capital injection. The firm pointed to global players like Munich Re and Swiss Re, which already operate in the region in this way at minimum costs.

The reinsurer said: “This move [into Colombia] is part of Korean Re's Vision 2050, spearheaded by CEO Jong-Gyu Won, the group's strategic initiative to go global."

The company also has offices in London, Hong Kong and Zurich, and three branches in Singapore, Dubai, and Labuan, as well as four liaison offices in New York, London, Beijing and Tokyo.