Singapore-based Richmond Reinsurance Brokers is set to expand its footprint in Asia-Pacific region by foraying into Taiwan.

The move comes after the company secured the licence to offer reinsurance broking and risk consulting services in the Taiwanese market.

Richmond Reinsurance Brokers has also established a subsidiary and named it Richmond Reinsurance brokers (Taiwan) Co Ltd. It will be based in Taipei.

Richmond Reinsurance Brokers CEO Sung-Kook Cho said: “With the current Convid-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 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.”

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The Taiwanese business will be led by reinsurance industry veteran Kevin Kuo. He will supervise the operations and will work to expand the local team.

Kuo said: “As a senior reinsurance professional and a veteran in the industry, 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.”