Lloyd’s broker Ramon International has expanded to open an office in Korea through its newest acquisition as part of its plans to cement the firm into the Asian market.
Established in 1980, Ramon International has been expanding its business lines to include property, treaty, construction and engineering, specie and liability, among others – the latest of which includes the purchase of a majority stake in CKI Korea through its parent company Kastor Holdings Ltd.
The deal was completed by the end of August, which saw the immediate rebranding of Ramon International to Ramon Korea Limited. However, the firm will remain under the leadership of the current executive Jae-Kwon Park.
Nick Andrews (pictured above right), group chief executive officer of Kastor Holdings and Ramon International, called it a “transformational deal” that will achieve the London-based broker’s “long-held ambition to establish [themselves] on the Asian continent.”
“We are delighted to have completed this transaction and to add CKI to the growing Ramon International business,” Andrews said. “Korea is one of the strongest economy in the region, and we believe we can make a difference here…CKI in Korea quickly became the obvious and natural choice for us.”
Aside from Andrews, head of international Lee Ellis (pictured above left) and chief operating officer Clive Edwards will also join the Ramon Korea board.
“Korea is one of the most vibrant insurance and reinsurance markets in the world and a powerhouse Asian economy. The strength of the local team combined with our international reach will offer a compelling new proposition to Korean re/insurance buyers,” Ellis said. “A client-centric independent wholesale foreign owned broker will be a welcome addition to the market, and we are grateful for the support of our regional partners in finalising this deal. We look forward to increasing our market share in Korea and the wider Asian market.”