Singapore-based Richmond Reinsurance Brokers (RRB) has begun its expansion into other Asia-Pacific markets with the establishment of a new subsidiary in Taiwan.
The company said that it has obtained a licence to provide reinsurance broking and risk consulting services in the Taiwanese market.
The subsidiary, Richmond Reinsurance Brokers (Taiwan), will be based in Taipei. The office is hiring reinsurance professionals to manage and support the operations for its growing Taiwanese client base. This, RRB said, is a key milestone in it plans to grow and build relationships with clients and network partners in the Asia-Pacific region.
RRB Taiwan will be led by Kevin Kuo (pictured above), who has been appointed as CEO. Based in Taipei, Kuo previously worked at Cathay Century Insurance and insurtech firm OneDegree.
Kuo said that RRB decided to enter the Taiwan market because of steadily rising demand for direct insurance, which meant many local companies were buying more reinsurance. He estimated double-digit growth for direct domestic premium income in Taiwan this year.
“With the current COVID-19 pandemic, there are business challenges for many markets alongside with trade issues, slow revival of the economy and new ways of working,” said Sung-kook Cho, chief executive officer of RRB. “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.”
