Meritz Fire launches holding firm

SEOUL (Yonhap) - Meritz Fire & Marine Insurance Co., a South Korean non-life insurer, said Monday that it launched a financial holding company in an effort to serve its customers better.
Meritz Financial Group Inc., founded through a split-up of Meritz Fire & Marine Insurance, has six subsidiaries under its wing, including Meritz Securities Co. and Meritz Asset Management Co., according to the company.
Meritz Financial Group is the country's first financial holding company to be established by an insurance company.
The financial holding firm, whose revenue is mainly drawn from its insurance unit, plans to complete its establishment by June by taking over Meritz Fire & Marine Insurance.
"Meritz Financial Group aims to provide better products and services. We will open a new horizon in South Korea's financial industry," said Wohn Myung-soo, CEO of the financial holding company.
Currently, there are seven financial holding companies in the country, with six of them focused on the banking sector.