"Overseas Market Expansion"... SGI Seoul Guarantee Partners with Allianz, Copas, and Others
Support for Korean Insurance Companies' Overseas Expansion
SGI Seoul Guarantee Insurance has decided to actively pursue overseas expansion by partnering with foreign credit insurance companies.
On the 7th, SGI Seoul Guarantee announced that it signed a 'Memorandum of Understanding (MOU) to Strengthen Mutual Cooperation in the Global Market' with foreign credit insurers Allianz Trade and Coface in France the previous day.
Allianz Trade and Coface are credit insurance companies that provide various financial solutions such as trade credit insurance and accounts receivable credit insurance in more than 50 countries.
Under this MOU, SGI Seoul Guarantee will support the issuance of local credit insurance and guarantee insurance for Korean companies operating overseas. Foreign credit insurers will enter into credit and guarantee insurance contracts with Korean companies operating abroad based on SGI Seoul Guarantee’s domestic corporate data and underwriting experience, while SGI Seoul Guarantee will support overseas contracts of Korean companies by assuming the insurance contracts of foreign credit insurers through reinsurance.
Additionally, they plan to continuously expand mutual development by discovering new business opportunities with foreign credit insurers and sharing market and underwriting information.
Meanwhile, SGI Seoul Guarantee also signed a separate reinsurance agreement with Allianz Trade to support guarantees for Korean companies expanding overseas. Initially, a foreign subsidiary of Allianz Trade issues guarantees to Korean companies operating abroad, then Allianz Trade’s Hong Kong branch provides ‘counter-guarantees,’ and finally, SGI Seoul Guarantee assumes these through reinsurance. This structure is expected to provide practical guarantee services to support smooth business activities of Korean companies in overseas markets.
Hot Picks Today
Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "One Comment Could Lead to a Report": 86% of Elementary Teachers Feel Anxious; Half Consider Resignation or Career Change
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
Yoo Kwang-yeol, CEO of SGI Seoul Guarantee, stated, “SGI Seoul Guarantee, which has grown alongside the Korean economy, plans to expand support for Korean companies entering overseas markets through this agreement,” adding, “We will take a step further from being a top-tier overseas guarantee insurer to becoming a ‘global guarantee platform.’”
On the 6th, at the Allianz Trade headquarters in Paris, France, Yook Kwang-yeol, CEO of SGI Seoul Guarantee Insurance (left), and Eileen Summerson Corky, CEO of Allianz Trade, took a commemorative photo after signing a business agreement. (Photo by SGI Seoul Guarantee Insurance)
View original image© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
