Asia Capital Reinsurance Group has been given final licence approval from South Korea's financial services commission to open its branch office in Seoul. The branch began operating the same day and is Asia Capitals third. Hans-Peter Gerhardt, ACR Capital Holdings group chief executive said, “Over the last five years, our Korea representative office allowed us to develop an intimate understanding of the local market’s risk landscape. It is now timely that we take the next step in our commitment to the Korean (re)insurance industry with the establishment of our branch office in Seoul.
As a reinsurer focused on Asia, our expansion into the South Korean market is the latest step in delivering on our promise of being in Asia for Asia.” The Korea branch office is led by Principal Officer, Jeffrey Lee Jun Soo, who has 28 years of reinsurance experience. Lee has headed Asia Capital Re’s Korean portfolio since joining in 2012. Before that, Lee was general manager of the reinsurance department at Samsung Fire & Marine Insurance.