15 July 2013 Insurance

RGA gains China licence; launches in Turkey

RGA Reinsurance Company has been granted a preparatory license by the China Insurance Regulatory Commission (CIRC) to operate a licensed life reinsurance branch in Shanghai, China. The company is likely to be operational within a year.

It has also officially opened its newest operation in Istanbul, Turkey, and hired Gokhan Ozum as its general manager.

Greig Woodring, RGA president chief executive, said China is a strategically important market, and it is collaborating with the CIRC to secure full branch license.

The underwriter has been operating in the country since 2005, through its representative office in Beijing, which was actually approved in December 2004.

Its office in Turkey opened after 18 months of planning and groundwork, the company said. Ozum joins RGA after seven years with Garanti Pension and Life Company, a subsidiary of Garanti Bank, one of the largest banks in Turkey, where he was the senior vice president responsible for product development and strategic planning. Prior to then, he spent several years in US life and pension sector companies.

“Turkey’s economy is one of the fastest-growing in the world, and an exciting place to launch a new office,” said Allan O’Bryant, executive vice president, head of international markets and operations, RGA. “This new operation represents for RGA a strong continuation of our global strategy of building presences in markets worldwide staffed by highly experienced professionals with deep understanding of and familiarity with the local market.”

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