Singapore-based reinsurance broker eyes major expansion in Asia Pacific

Singapore-based Richmond Reinsurance Brokers (RRB) has established a subsidiary in Taiwan to accelerate its expansion in the Asia Pacific region amid “steadily rising” demand for protection in response to a challenging market environment.

The company has obtained the licence to provide reinsurance broking and risk consulting services for the Taiwan market. Its new subsidiary RRB Taiwan will be based in Taipei, led by new chief executive officer (CEO) Kevin Kuo (pictured) who has more than two decades of experience in the reinsurance industry.

Previously at Cathay Century Insurance and insurtech firm OneDegree, Kuo will use his expertise and knowledge in the industry to allow RRB to boost and grow its brokerage income in the Asian market. He will oversee all operations and businesses for the Taiwan market and lead the expansion of the team to keep pace with the growing demand in the country.

Kuo expects double-digit growth in direct domestic premium income in Taiwan this year. According to RRB, the demand for direct insurance is steadily rising in the Taiwanese market, meaning that many local companies are buying more reinsurance.

Kuo highlighted that with the brokerage licence, RRB will be permitted to not only work on marine business but also other lines directly with Taiwanese clients as an overseas broker. “I am extremely optimistic about the upcoming growth in Taiwan’s dynamic reinsurance market. The big renewal seasons are on January 1, 2022, and June 30, 2022, I believe could be significant income increases in mid-2022,” he said.

RRB is helmed by CEO Sung-Kook Cho who has 30 years of experience in the insurance and reinsurance industry and a proven track record in providing management oversight in business development and insurance broking advisory in numerous multinational insurance businesses in Asia.

Commenting on the expansion plan, Cho said: “With the current Covid-19 pandemic, there are business challenges for many markets alongside with trade issues, slow revival of the economy and new ways of working. We are fortunate to see substantial growth in our business in recent years. Our foray into the Taiwan market is a significant step and part of our strategic long term expansion plan in the Asia region. As a specialist team, we will constantly look to learn and grow as the industry transforms rapidly with the need to provide curated client solutions in response to the challenging environments.”