AmTrust expands international business in Southeast Asia
Global specialty, property & casualty insurer AmTrust Financial Services is expanding its international extended warranty and protection business in South Korea. AmTrust writes policies for automotive, electronics, equipment manufacturers and retailers.
AmTrust Korea will be led by CEO Andrew Kim, who has more than 30 years' experience in insurance and reinsurance in South Korea with a specialisation in mobile device risks, customer electronics and motor warranty.
AmTrust has provided reinsurance capacity for major mobile phone insurance programmes of South Korean telecom companies since 2016. The insurer has also supported the device protection programmes of top electronic brands in major Southeast Asian economies, including Indonesia, Malaysia, Thailand, Vietnam and the Philippines, since 2018.
The expansion is part of the company's strategic objective to further grow its warranty and protection offerings in sizable, high-potential markets, including those in Asia.
Peter Dewey, EVP and head of international at AmTrust, said: "I am delighted to announce the launch of AmTrust Korea. We have grown our presence and capabilities in the consumer lines affinity market in South Korea over the past six years and are now very excited to formalise this operation. We have strong relationships with local insurance and local broker partners in South Korea, and our capable team is committed to providing long-term value to the market."
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