Itochu Launches Reinsurance Broking Company in Singapore with Hyundai Marine & Fire
Tokyo, Mar 9, 2011 (JCN) - ITOCHU announced that Cosmos Services of Hong Kong, an insurance broking subsidiary of ITOCHU, has established a new insurance broking company in Singapore, called Cosmos Risk Solutions Asia Pte. Ltd.
The new insurance arm is a joint venture with the Korean insurance company, Hyundai Marine & Fire Insurance, and is primarily focused on the reinsurance broking business.
Cosmos Risk Solutions Asia is the first reinsurance broking company to be established in Singapore in which a Japan-affiliated enterprise holds the majority stake.
The new company will enable Cosmos to increase its transactions with reinsurance companies in Singapore, as well as to expand from the Korean insurance market in cooperation with Hyundai Insurance.
In addition, the new company intends to meet reinsurance needs in the growing Southeast Asian market, harnessing Hyundai Insurance's expertise as an insurance company, along with Cosmos' operating expertise of a reinsurance broker and its network of reinsurance companies.
Cosmos is also planning to extend its activities to the Indian and Middle Eastern insurance markets in the near future.
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