Samsung Fire to launch European unit

SEOUL, March 29 (Yonhap) -- Samsung Fire & Marine Insurance Co., a South Korean non-life insurer, said Tuesday that it plans to establish a wholly owned subsidiary in London in a bid to boost its presence in Europe.
Samsung Fire & Marine Insurance recently received approval from Britain's financial authorities to provide insurance business in Britain as well as the broader European Economic Area (EEA), the company said.
The non-life insurer said it first plans to focus on corporate insurance sales for South Korean companies based in the EEA and later tap into the local insurance market.
"The Europe subsidiary will help Samsung Fire accelerate its global business. We hope to expand business operations to central and eastern Europe in the future," said Samsung Fire & Marine Insurance chief Chi Dae-sub.
Samsung Fire & Marine Insurance currently has three overseas subsidiaries -- in China, Indonesia and Vietnam -- as well as six branches and nine representative offices.
mil@yna.co.kr