Transamerica Reinsurance, subsidiary of Transamerica Corp. and its parent Dutch insurer, AEGON, announced the opening of a liaison office in the South Korean capital, Seoul, which will handle life, annuity, accident and health products.
“The liaison office will provide risk management, asset-liability management consulting, product development, actuarial consulting and customized training programs in product development and underwriting,” said the announcement.
It is Transamerica Re’s second office in Asia, joining its Reinsurance Service Center in Taipei, Taiwan. In the announcement Transamerica Re’s senior vice-president for the international division, Jim Kelly, noted that, “Korea is the world’s sixth largest market in life insurance, with about $50 billion of premium income. “Transmerica Re anticipates specializing in consulting and asset-liability management. “We will be emphasizing information exchange, consulting and training in risk management, product development and underwriting,” Kelly said.
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