Richmond Reinsurance Brokers (RRB) has established a subsidiary in Taiwan, obtaining the licence to provide reinsurance broking and risk consulting services for the Taiwan market.
The new subsidiary will be led by CEO, Sung-Kook Cho who brings 30 years of experience in the insurance and reinsurance industries.
He holds experience in providing management oversight in business development and insurance broking advisory in numerous multinational insurance businesses in Asia.
With more than two decades of experience in the reinsurance industry, Kevin Kuo is the newly appointed Chief Executive Officer (CEO) of Richmond Reinsurance Brokers (RRB)’s Taipei, Taiwan office.
Previously from Cathay Century Insurance and InsurTech firm OneDegree, his expertise and knowledge in the reinsurance industry will allow RRB to boost and grow its brokerage income in the Asia market.
Based in Taipei, Kuo will oversee all operations and businesses for the Taiwan market and lead the expansion of the team to keep pace with the growing demand in Taiwan.
Sung-Kook said: With the current Convid-19 pandemic, there are business challenges for many markets alongside with trade issues, slow revival of the economy and new ways of working. We are fortunate to see substantial growth in our business in recent years.
“Our foray into Taiwan market is a significant step and part of our strategic long term expansion plan in the Asia region.
“As a specialist team, we will constantly look to learn and grow as the industry transforms rapidly with the need to provide curated client solutions in response to the challenging environments.”
Kuo added: “As a senior reinsurance professional and a veteran in the industry, I am extremely optimistic about the upcoming growth in Taiwan’s dynamic reinsurance market. The big renewal seasons are on January 1, 2022, and June 30, 2022, I believe could be significant income increases in mid-2022.”
