Seoul Guarantee Insurance Expands Overseas

Seoul Guarantee Insurance (SGI) said Friday it will make an aggressive push into global markets to absorb growing demand, making a move to find a new growth engine.

"We are committed to increasing our overseas business into a key pillar of SGI. We will further capitalize on the untapped potential in overseas markets, including Indonesia and Myanmar, based on our decade-long efforts to enter emerging and developed markets," SGI acting Chief Executive Kim Sang-taek said.

SGI opened its first-ever overseas representative office in Hanoi, Vietnam in 2007, followed by offices in Beijing in 2008, Dubai in 2009 and New York in 2012 in a step-by-step approach to building its overseas business network.

After years of effort, such as making suggestions to incorporate the legal ground for the guarantee insurance business in the Enforcement Decree of the Insurance Act in Vietnam, SGI established its branch in Hanoi in 2014 for the first time as foreign non-life insurer operating in Vietnam.

"It will help pave the way for SGI in making inroads into other...