Asia Capital Re expands Korea presence

Asia Capital Reinsurance has opened its branch office in Seoul after receiving the final license approval from Republic of Korea’s Financial Services Commission.

Spearheading this new branch is principal officer Jeffrey Lee Jun Soon, who has 28 years of experience in reinsurance.

Lee has held Asia Capital Re’s Korean portfolio since 2012, when he joined the firm. Prior to that he served as general manager of the reinsurance department at Samsung Fire & Marine Insurance.

Hans-Peter Gerhardt, group chief executive at 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.”

Lee added: “As one of Asia’s key economies, Korea is an important market for Asia Capital Re. We have developed strong relationships with our business partners in the market and continually seek ways to improve our suite of risk solutions offerings that are dedicated to their needs. Our local reinsurance operations in South Korea will place us in a better position to work intimately with our business partners on the ground to more effectively serve their needs.”