South Korea-based reinsurer Korean Reinsurance Company (Korean Re) has announced the launch of its second branch in China.
The reinsurer firm opened the new branch after receiving approval from China’s banking and insurance authorities in December.
The new office is the second location in China for the Korean firm, having set up operations in Beijing in 1997.
Korean Re stated that the new branch would be in charge of sales, while the Beijing office will continue to lead the management and market research.
Currently, China is the largest insurance market in Asia and the second largest globally, accounting for 11.6% of global premium income in 2018 at $570bn.
Korean Re CEO Won Jong-gyu said: “The branch in Shanghai will become an important foothold to consolidate Korean Re’s sales base in the Chinese market.”
Founded in 1963 as a state-funded enterprise, Korean Re was privatised in 1978.
The launch of the new office in China is part of the company’s strategy to expand its footprint in overseas markets.
Korean Re said to have 11 overseas offices in nine countries, including Malaysia, Japan, Singapore and Hong Kong in Asia.
The company also has offices in London and Dubai, and recently set up another branch in Zurich.