Reinsurance Group of America, a unit of Metlife Inc, has received license approval from South Korea's Financial Service Committee to open a branch office in the country. The Reinsurance Company Korea Branch office will commence full operation on April 1.
The award marks a significant strategic goal for St Louis, Missouri-based Reinsurance, which is the second-largest life reinsurer in North America. The establishment of a representative office in South Korea, which is the seventh-largest life insurance market in the world and the second-largest in Asia, provides Reinsurance with a major foothold in the growing Asian market.
RGA views Korea as one of the world’s most important emerging markets. Our Korean branch office will strengthen RGA’s presence as a leader in this country, said Brendan Galligan, senior vice president of Asia Pacific.
Our branch license will allow us to strengthen relationships and more readily provide clients with RGA’s expert facultative and automatic life reinsurance services and other innovative reinsurance solutions, added Daniel Cossette, CEO of RGA Reinsurance Company Korea Branch.