Korean Re expands foothold in Latin America after Shanghai launch

Korean Reinsurance Company (Korean Re) has revealed its plans to launch a representative office in Bogota, Columbia, as part of its corporate strategy to further diversify into the Latin American markets.

The reinsurer received approval from local authorities on February 18, 2020. The Bogota office will start business operation during the first half of 2020, covering across the whole Latin America and the Caribbean region.

With the new operation, Korean Re plans to start underwriting businesses in property, casualty and bouquet treaty lines, and expand later into life, facultative, and other lines.

The announcement follows its recent office opening in Shanghai, adding to its existing presence in China. Korean Re hopes the move will diversify its global portfolio and enhance profitability.

“This further step into the region will push us further into new markets," said CEO Jong-Gyu Won, who has been leading the company’s global expansion strategy since taking the helm of Korean Re in 2013. "We will continue to work on to go beyond the saturated domestic market, and make one of the top players in the world.”