Seoul-based reinsurer Korean Re has announced plans to open a new office in Bogota, Colombia, as the firm eyes growth opportunities in South America.
According to reports from the Korea Times, the reinsurer recieved approval from local authorities on February 18 to move ahead with the opening.
The company said Colombia is in a strategic location to operate business across Central and South America.
“A base in Central and South America will enable more active pioneering into new markets,” said Korean Re Chief Executive Officer, Won Jong-gyu
“We will continue efforts to overcome the saturated local market and become a top-class global reinsurer.”
The news follows a recent announcement in which Korean Re declared the establishment of a branch in Shanghai.
The new office was the second location in China for Korean Re, which previously set up operations in Beijing in 1997.
Korean Re is the world’s 10th-largest reinsurance company in terms of gross written premiums.
