About 200 insurance and reinsurance practitioners, including senior executives and industry veterans, attended a reception at the Lotte Hotel in Seoul Tuesday to mark the opening of the Korea Representative Office of the Asia Capital Reinsurance Group (ACR) headquartered in Singapore.
In his opening speech, ACR Chief Executive John Tan said, "The set-up of the Korea representative office marks ACR's commitment to deepen our understanding of the Korean market and strengthen our client relationships.”
“In line with our vision of being ‘In Asia, For Asia,’ we hope to continually progress towards our goal of providing long-term and sustainable reinsurance solutions to the Asian industry, which will in turn contribute to the stability and security of the region,” he said.
The Seoul office is helmed by Chief Representative Park Sang-kyu who has more than 30 years of reinsurance experience in the Korea market.
Through its newly established local foothold, the ACR, a pan-Asian reinsurer, seeks to extend the depth of its local network and provide more informed and responsive services to its clients in Korea, currently the third largest non-life insurance market in Asia, Park said.
Ranked among the top 50 global reinsurers, the ACR provides reinsurance solutions across various business lines of aviation, casualty, credit and surety, energy, engineering, medical, marine, motor and property.
The ACR also has a presence in Hong Kong, India, Japan, Taiwan, Malaysia, Dubai and Bahrain.