SGI signs MOU with IDB on insurance in Central, South America

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SGI signs MOU with IDB on insurance in Central, South America

Published: 29 Mar. 2023, 17:15

Seoul Guarantee Insurance CEO Yoo Kwang-yeol, left, and Inter-American Development Bank (IDB) President Ilan Goldfajn sign a memorandum of understanding at the IDB headquarters in Washington D.C. on Tuesday. [SEOUL GUARANTEE INSURANCE]

Seoul Guarantee Insurance (SGI) signed a memorandum of understanding (MOU) with Washington-based Inter-American Development Bank (IDB) related to surety insurance in Central and South America.

SGI and IDB inked the MOU to vitalize the surety insurance market in the region, where existing surety insurance policies are near inactive, the Seoul-based insurance company announced on Wednesday. IDB is the largest source of development financing in Latin America.

The MOU will serve as the foundation for research between the two companies on the region’s surety insurance market and on ways to improve insurance policies in the area.

SGI looks to strengthen its presence in Central and South America and provide insurance services to Korean companies that enter the region’s market.

“We will boost exchanges with IDB member countries, including joint research and policymaker training,” SGI CEO Yoo Kwang-yeol said. “SGI will take a leap as a global insurance platform through continued partnerships with multilateral development banks.”

SGI began a working group to propose surety insurance policies with the Asian Development Bank last year, and plans to expand its cooperation with European Bank for Reconstruction and Development, SGI announced.

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]