Richmond Reinsurance Brokers enters Taiwan market

The Singapore-based reinsurance broker has set up a new subsidiary in the country.

Richmond Reinsurance Brokers (RRB) has announced an expansion plan across Asia Pacific, with the company setting foot first in Taiwan.

The Singapore-based reinsurance broker announced that it has established a subsidiary in Taiwan and has obtained the licence to provide reinsurance broking and risk consulting services for the Taiwan market.

The new subsidiary, Richmond Reinsurance brokers (Taiwan) Co. Ltd. will be based in Taipei, Taiwan. The office hires include reinsurance professionals who will manage and support the operations for its growing Taiwanese client base. According to RRB, this marks a key milestone as it accelerates its growth plans to grow and build relationships with clients and network partners in the region.

According to Sung-Kook Cho, CEO of RRB, their foray into the Taiwan market is a significant step and part of their long-term plan to expand in Asia.

“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,” Sung-Kook Cho said.