Independent Lloyd’s of London broker, Ramon International has furthered its expansion into global re/insurance markets by announcing the opening of an office in Korea to drive its Asian business.
The broker has brought a majority stake in CKI Korea, which is based in Seoul, through its parent company Kastor Holdings Ltd.
The deal was completed on August 25, 2022 and the company will be rebranded Ramon Korea Limited with immediate effect. The firm will remain under the leadership of the operation’s current CEO, Jae-Kwon Park.
“This is a transformational deal for us and is an exciting opportunity,” said Nick Andrews, Group Chief Executive Officer of Kastor Holdings and Ramon International.
“We are delighted to have completed this transaction and to add CKI to the growing Ramon International business. Korea is one of the strongest economy in the region, and we believe we can make a difference here. It has been a long-held ambition for us to establish ourselves on the Asian continent and CKI in Korea quickly became the obvious and natural choice for us.”
Lee Ellis, Head of International at Ramon, added: “Korea is one of the most vibrant insurance and reinsurance markets in the world and a powerhouse Asian economy. The strength of the local team combined with our international reach will offer a compelling new proposition to Korean re/insurance buyers.
“A client-centric independent wholesale foreign owned broker will be a welcome addition to the market and we are grateful for the support of our regional partners in finalising this deal. We look forward to increasing our market share in Korea and the wider Asian market.”
Furthermore, it was also announced that Andrews, Ellis and Clive Edwards, Ramon International’s Chief Operating Officer, will join the Ramon Korea board.