Asia Capital Re launches South Korea business

Asia Capital Re launches South Korea business

Asia Capital Re launches South Korea business Asia Capital Reinsurance Group (ACR), a firm based in Singapore, has opened its new office in Seoul, South Korea. The company recently received its license to operate from the Republic of Korea’s Financial Services Commission.
 
Heading the new business will be Lee Jun Su. He has been in charge of ACR’s Korean portfolio since 2012. Prior to joining ACR, he was general manager for reinsurance at Samsung Fire & Marine Insurance.
 
Hans-Peter Gerhardt, group CEO of ACR Capital Holdings, 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.”
 
ACR was established in 2006 and has branch offices in Hong Kong, the UAE, Japan, India, and Vietnam. It has been ranked among the top 50 global reinsurers by AM Best since 2009.
 

Related stories:
Insurer-raised disputes in South Korea dip by 13%
AIA to set up Korean subsidiary
Major Korean insurers looking to buy government stake in Woori Bank