Pacific Life Re, a U.S.-based reinsurance firm, has received approval from Korea’s top financial regulator to open a branch here.
“Following the approval, Pacific Life Re Korea may start its business in Korea immediately,” an official at the Financial Services Commission said.
Pacific Life Re, which has offices in Europe, Asia and North America, provides various reinsurance products and services. It specializes in the reinsurance of life, critical illness, income protection, hospital cash, underwritten annuities, and longevity products for insurance and reinsurance companies. It has been serving Korean clients since 2009, operating out of its regional hub in Singapore.
“This move demonstrates our on-going commitment to further deepen our footprint in Asia,” said Alex King, managing director of Pacific Life Re Asia in a press release.
This is the latest move by foreign reinsurers to enter the Korean market where local player Korean Re holds a dominant position with a 60 percent market share.
In February, a Singapore-based reinsurance company Asia Capital Re received a preliminary approval to set up a branch in Korea. The firm is expected to begin operations in May at the earliest.
Other global reinsurers operating here include Munich Re, Hannover Re, Swiss Re and RGA.
By Park Han-na (hnpark@heraldcorp.com)