JOHNSTON, R.I., USA, February 14, 2023 – One of the world’s largest commercial property insurers is increasing its efforts to support the resilience of Korea’s commercial property, manufacturing, and infrastructure owners after being awarded a license to establish an insurance branch. This builds on FM Global’s 25 years’ experience in Korea, where it has and will continue to support global clients’ assets working alongside Korean insurance partners.
With its new license, FM Global will continue the expansion of the company’s global network into one of Asia’s most important growth markets.
“As a global economic force with a strong manufacturing base, Korea presents an evolving insurance and loss prevention need that FM Global is uniquely placed to fulfill. In addition to continuing to serve our global clients in Korea, we are actively seeking to work with Korean clients with a similar philosophy towards risk and loss prevention and contribute towards a growing loss prevention culture,” said Shim Yong-Ju, FM Global’s Branch Manager in Seoul. He is leading this expansion in Korea supported by a growing team of underwriters.
FM Global will continue to work in partnership with its existing partners as a licensed reinsurer in Korea as well as create value for new business partners and clients. Together with new and existing partners, FM Global aims to further build upon and promote a focus on business resilience in Korea. “This is an important milestone for FM Global in the region at a time when the need to build and maintain resilience against climate, cyber and supply chain risk has never been as vital,” said James Thompson, senior vice president, Asia Pacific division manager, FM Global. “We are delighted to deepen our commitment to Korea and build on the strong partnerships we have forged over more than two decades,” he added.
About FM Global
Established nearly two centuries ago, and present in the Asia Pacific region for 50 years, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection