Selected as Tenants: UK-based UIB Insurance Brokerage and US-based LINA One, Two Foreign Financial Companies
Strengthening Busan Finance's New Competitiveness through Insurance Information Technology (Insurtech) and New Financial Industry Developme
Busan City announced that it has attracted two tenant companies, ‘UIB Insurance Brokerage’ and ‘Lina One,’ to the 63rd floor ‘D-Space’ of the Busan International Finance Center (BIFC).
Since June, the city has been soliciting applications from foreign financial institutions to move into the 63rd floor ‘D-Space’ of the Busan International Finance Center (BIFC). After a first round of document screening and a second round of presentation evaluations, two companies were finally selected as tenants.
An official from the city added that despite challenges such as the withdrawal of foreign financial institutions from the domestic market and prolonged travel restrictions due to COVID-19, efforts were made jointly with the Busan International Finance Promotion Agency to attract target international financial institutions through investment briefings (IR), online investment briefings, and local networks.
The companies selected as tenants this time are the UK-based ‘UIB Insurance Brokerage’ and the US-based ‘Lina One.’
UIB Insurance Brokerage is the Korean affiliate of the UK UIB Group, a global top-3 insurance consulting specialist.
It plans to form a consortium with domestic companies DB Insurance and Meritz Fire & Marine Insurance to provide safety management for various risks and essential insurance products and professional consulting services to maritime and key industry companies based in Busan.
Additionally, it will develop digitalized insurance products necessary for companies through partnerships with domestic firms.
In particular, it expressed a long-term ambition to enhance the recognition of Busan’s financial sector by leveraging its international network to attract international conferences to Busan.
Lina One is the Korean affiliate of the US-based Chubb Group, the world’s largest publicly traded insurance company.
Based on Chubb Group’s international digital capabilities and experience, it plans to revitalize the insurtech market by digitalizing insurance for businesses and individuals in collaboration with local banks and fintech companies in Busan.
Furthermore, leveraging its global experience and competitiveness in primary insurance and reinsurance, it aims to provide new opportunities through digital innovation in marine and derivative finance, liability insurance, and the dissemination of international best practices.
The city plans to provide one-stop services such as business model discovery support and settlement condition consulting to help the tenant companies successfully establish themselves in Busan. It also intends to spare no effort in developing various content and administrative support to attract more foreign financial institutions to Busan in the future.
Through this, when these companies successfully settle and begin full-scale business activities, it is expected that many financial business models will be created through collaboration with various companies such as BNK Financial Group in the third phase space of the Busan International Finance Center, scheduled for completion in 2025, resulting in a synergistic effect.
Mayor Park Hyung-jun said, “Busan is establishing a foundation as a financial city through the development of the Busan International Finance Center, the relocation of primary financial public institutions, the cultivation of financial professionals, and the discovery of new growth engines based on fintech, blockchain, and digital technologies.” He added, “We welcome the two companies settling in Busan and expect more companies to come to Busan in the future.” He emphasized, “For Busan to establish itself as a global financial hub beyond being an Asian financial center, it is essential to attract capable domestic and international financial institutions and successfully complete the relocation of the Korea Development Bank to Busan. We will do our best to strengthen Busan’s financial ecosystem by additionally attracting policy financial institutions that have a significant impact on the local industry and financial development.”
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