Korean Reinsurance Company has obtained approval from Colombian regulators to open a representative office in Bogota. This move is in line with its corporate strategy to further diversify into the Latin American markets.
The Bogota office will begin operation during the first half of 2020, with responsibility for Latin America and the Caribbean region. With the new operational outpost, Korean Re plans to start underwriting businesses in Property, Casualty and Bouquet Treaty lines, then expand later into Life, Facultative, and other lines.
“This further step into the region will push us further into new markets. We will continue to work on to go beyond the saturated domestic market, and make one of the top players in the world,” said CEO, Mr. Jong-Gyu Won, who has been leading the company’s global expansion strategy since taking the helm of Korean Re in 2013.
Photo courtesy of Korean Re