- On 28 June 2017, the financial authority in Malaysia granted a license for the operation of a new branch of Korean Re in Labuan.
- The new Labuan branch will serve as an outpost for the company in tapping into the Malaysian market with high growth potential and a low risk of natural disasters.
Korean Reinsurance Company (CEO Jong-Gyu Won) received final approval from the Labuan Financial Services Authority in Malaysia on 28 June 2017 to establish and operate a new branch in the country.
By obtaining the business license in the region, Korea’s leading reinsurer has now gained a foothold to actively expand into the Malaysian market that has high growth potential and a significantly lower risk of natural catastrophes compared to other Southeast Asian countries.
The new Labuan branch, which is officially up and running starting 1 July 2017, will be an unmanned operation, making use of staff and other resources of the company’s Singapore branch.
Now with this full-fledged branch in Labuan ready to operate, Korean Re will be able to strengthen its business network with a total of 9 foreign offices in major regions of the world such as London, New York, Dubai and Hong Kong, not to mention Singapore where the company set up its first overseas branch in 1978. Going forward, the company plans to keep expanding its operational base worldwide to actively tap into overseas markets.