Global reinsurance broker Gallagher Re has appointed MJ Sung as divisional director of its Korea team.
“MJ brings 18 years of experience in the insurance and reinsurance industry. His extensive industry background will support the growth of the Gallagher Re FAC team,” the company said in conjunction with the appointment.
Sung’s appointment marks another step forward in Gallagher Re’s South Korea expansion, following the appointment of Chulmin Jang as CEO of the region late last year.
Chulmin has extensive market experience, having held senior positions at Korean Reinsurance Company, most recently as Executive Managing Director.
In related news, ahead of Indian renewals on April 1, Gallagher Re reported that risk-adjusted rates across most lines and treaties in the country’s real estate sector have generally softened.
Projects with no losses and good performance achieved average rate reductions of -10% to -15%.