CHARLESTOWN, NEVIS, April 08, 2016
SKY RE Facultative and Treaty Ltd. (SKY RE) announced today that it is participating in insuring a textile factory owned by Hyosung Vietnam Company, Ltd. and Hyosung Dong Nai Company, Ltd. Both entities are subsidiaries of Hyosung, a conglomerate based in Seoul, South Korea.
Per its website, “Hyosung works in a variety of industrial and technology areas that make your lifestyle more convenient and more comfortable. In fact – from the fibers that make the fabric in your clothes, the materials for the tires and seat belts that keep you and your car safe and the power transmission lines that provide electricity to your home, to other day – to – day items such as ATM machines, motors, pumps, carpets and plastic wrapping films – Hyosung and its innovative products are already closer to you than you think.” Hyosung’s chairman, S.R. Cho, states that, “Our mission here lies in laying the foundation for creating a better world for all of us to live together in by actively participating in social contribution activities that create jobs and provide support for vulnerable members of the society.”
Hyosung Dong Nai Plant located in Nhon Trac. Photo by Seonghan Hong.
Hyosung Vietnam Company, Ltd. and Hyosung Dong Nai Company, Ltd. (Hyosung Vietnam) Have had operations in the Nhon Trac District of Vietnam’s Dong Nai province for over seven years. They have invested over USD 995 Million (EUR 874 Million, GBP 700 Million*) in the facility, which generates USD 1 Billion (EUR 879 Million, GBP 703 Million*)in revenue. 90% of the products made in the plant are exported. Hysoung Vietnam has also committed to a USD 600 Million (EUR 527 Million, GBP 422 Million) expansion of their operation.
Leticia Nisbett – Dore, SKY RE’s Chief Executive officer stated that, “We are proud to have earned the trust of not only Hyosung but also both the lead insurer, Samsung Vina Insurance Company, Ltd.; and Bao Minh Insurance Corporation who we are reinsuring. It is a major milestone for a young, growing company like ours to be able to participate in managing the risks of such an important part of the operations of a large conglomerate.” She also stated that, “We look forward to a long relationship with Hyosung as we grow together.”
SKY RE Facultative and Treaty Ltd (www.sky.re) is an internationally oriented Reinsurer with the policies backed by the exceptional financial strength and solid claims-paying ability of our capital providers. With a global presence, our team collaborates to deliver exceptional service to our clients across the world. Our broad reinsurance underwriting capabilities include property, catastrophe, casualty, professional lines, and specialty lines including trade credit, surety, global weather, aviation and space, marine and energy, agriculture and personal accident.
Marc Estrella, CPCU, CIDM
SKY RE Facultative and Treaty Ltd.