Korea is the seventh-largest life insurance market in the world and the second-largest in Asia.
"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, Asia Pacific from RGA's world headquarters in St. Louis, Missouri.
"We have built a solid infrastructure and a talented team of professionals in Korea, where we bring an effective and valuable blend of local and North American expertise to the market," said Daniel Cossette, CEO, RGA Reinsurance Company Korea Branch. "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."
RGA is the second-largest life reinsurer in North America and a leader worldwide, providing clients with life reinsurance, risk management, facultative underwriting, product development, distribution, and financial reinsurance services. RGA was named 2004 Life Reinsurance Company of the Year by the trade publication The Review-Worldwide Reinsurance.
Reinsurance Group of America, Incorporated, through its various operating subsidiaries, is among the largest global providers of life reinsurance. In addition to its U.S. and Canadian operations, Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, China, Hong Kong, India, Ireland, Japan, Mexico, South Africa, South Korea, Spain, Taiwan and the United Kingdom. Worldwide, the company has approximately $1.5 trillion of life reinsurance in force, and assets of $14.0 billion.