South Korea-based reinsurer Korean Reinsurance Company (Korean Re) has announced plans to launch its new office in Bogota, Columbia.

The reinsurer received the approval from the Columbian authorities on 18 February 2020.

The new office is expected to begin its business operations in the first half of 2020.

Initially, the company wants to start with start property & casualty (P&C) and Bouquet Treaty insurance underwriting.

Later on, it plans to further expand into life, facultative, and other insurance lines.

The expansion is part of the company’s corporate strategy to diversify its global portfolio and bolster footprint in Latin American.

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Korean Re CEO Jong-Gyu Won said: “This further step into the region will push us further into new markets.

“We will continue to work on to go beyond the saturated domestic market, and make one of the top players in the world.”

Won, has been leading the company’s global expansion strategy to date, was elected as Korean Re’s CEO in 2013.

Last month, Korean Re announced the launch of its second branch in China. Its first branch office, which was established in 1997, is located in Beijing.

In terms of gross written premiums, Korean Re is said to be the 10th largest reinsurance company in the world.