SGI Seoul Guarantee Partners with Indonesian Insurer 'Assei' to Enter Local Market

Discovering New Revenue Models Related to Guarantee and Credit Insurance

SGI Seoul Guarantee Insurance announced on the 30th that it has signed a strategic business agreement with the local non-life insurance company 'Assei' to indirectly enter the Indonesian guarantee market.

The signing ceremony took place on the 29th (local time) in Jakarta, Indonesia. This agreement was promoted to formalize the cooperative relationship between SGI Seoul Guarantee Insurance and Assei and to establish cooperation plans. Since its establishment in 1985, Assei has been steadily growing as an Indonesian non-life insurance company engaged in general non-life insurance products such as credit and guarantee insurance and trade insurance.

On the 29th (local time) in Jakarta, Indonesia, at the SGI Seoul Guarantee - Assei business agreement signing ceremony, Lee Myung-soon, CEO of SGI Seoul Guarantee (right), and A. Dalimunthe, CEO of Assei, are taking a commemorative photo.

Both companies will discover new revenue models related to guarantee and credit insurance within Indonesia. They plan to focus on multifaceted exchanges, including establishing joint underwriting and reinsurance plans for guarantee insurance targeting mutually agreed customer groups.

SGI Seoul Guarantee Insurance established a representative office in Jakarta in June 2021 to secure a leading position in the ASEAN guarantee market. In November last year, it signed strategic business agreements with two Indonesian non-life insurance companies (ASWATA and BINTANG).

With this agreement, SGI Seoul Guarantee Insurance plans to expand its local entry strategy with Indonesian partners. It also plans to diversify revenue models by supporting Korean companies entering Indonesia and utilizing reinsurance.

Lee Myung-soon, CEO of SGI Seoul Guarantee Insurance, said, “We plan to continue expanding global operations by building ongoing partnerships with local insurance companies.”

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