Friday, November 17, 2017

AGCS to open Seoul branch

Allianz Global Corporate & Specialty (AGCS) has become the first foreign non-life insurer in almost a decade to win regulatory approval to open a branch in Seoul.

Noh Chang Tae, who was previously a member of the regional market management team in AGCS Singapore, will head the branch. His team will initially comprise 13 underwriters and market-facing staff, which will be reinforced through additional hiring of local talent.

The branch will focus on serving companies with multinational operations extending beyond the country, offering a variety of product lines, including engineering, financial lines, property, marine, mid-corp and liability.

AGCS says the country’s rising number of large infrastructure projects in railways, ports and subway lines, and a focus on environmental liability require tailored insurance solutions with significant capacity. This is in addition to the automotive, electronics and high-tech communications industries that form the bedrock of Korea’s economy.

“We have seen an increase in demand for global insurance programs as more South Korean firms look to expand overseas as well as from the growing pool of global corporations with South Korean interests,”said Mark Mitchell, regional chief executive for AGCS in Asia.

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