Pacific Life Re to open branch in KoreaApril 6 2016 by InsuranceAsia News Staff
Korea’s Financial Services Commission (FSC) has approved the application of Pacific Life Re, a US-based reinsurer, to open a branch in the country.
The approval means Pacific Life Re Korea, the firm’s local subsidiary, may start its business in Korea immediately.
Pacific Life Re joins other global peers, such as Munich Re and Swiss Re, that obtained regulatory approval last week and are strengthening their presence in Korea.
In a press statement, Pacific Life Re Asia’s managing director, Alex King said its expansion in Korea demonstrates the insurer’s commitment to deepen its footprint in Asia.
The company provides various reinsurance products and services and has offices in Asia, North America and Europe. Until now, it has been serving clients in South Korea since 2009 through its regional hub in Singapore but it will now join a growing list of multinationals that want to get a bigger share in Korea’s reinsurance market, dominated by homegrown player Korean Re.
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