Allianz Global Corporate & Specialty (AGCS) SE is opening a Seoul branch targeting “significant growth opportunities” in the South Korean corporate and specialty insurance segment as the country launches a number of large-scale infrastructure projects.
Noh Chang Tae, a Korean national with almost 25 years insurance experience, will assume the role of Chief Executive Officer of AGCS South Korea, moving on from AGCS’ Singapore regional management team.
He said; “AGCS has been serving the South Korean corporate insurance market since 2010 from the AGCS Hong Kong and Singapore offices but having an on-shore presence in Seoul will allow local teams to deliver more tailored and relevant solutions for our customers.”
The branch’s team will launch with 13 underwriters and market facing staff, and is set to be strengthened gradually through additional hiring of local talent.
Carsten Scheffel, AGCS Board Member and Chief Regions and Markets Officer for Asia, commented; “A local South Korean branch presents a unique opportunity for AGCS and will play a key role in our Asian growth strategy. We have been active in this thriving market for several years.
“The local office in Seoul will allow us to serve both local South Korean and global companies with South Korean interests much more efficiently. Already, more than 11% of our global clients have operations in South Korea protected under our international insurance programs.”
The new branch makes the firm the first foreign non-life insurer in nearly a decade to receive permission to operate with a local insurance license in Seoul.