NH Property & Casualty Insurance inks MOU with Vietnam's PVI

South Korea's NH Property and Casualty Insurance announced on Wednesday its new comprehensive business cooperation agreement (MOU) with PVI Insurance, Vietnam's leading non-life insurance provider.

This strategic alliance is designed to fortify collaboration in several key areas, including the extension of reinsurance capabilities, capitalizing on both firms' expansive customer networks, and fostering innovative strides in the development of fresh products and services.

"With Vietnam emerging as the largest market in Southeast Asia, we are intensifying our collaborative efforts there," NH Property and Casualty Insurance CEO Choi Moon-Seob stated. "In the insurance sector, we will lend our support to these endeavors and persistently expand our mutual cooperation with PVI, with a view to forging ahead into new markets."

PVI Insurance, as the insurer with the highest market share in Vietnam, stands as the country's foremost non-life insurance provider.

PVI also holds the prestigious accolade of being the first Vietnamese insurer to secure an A- rating from the globally recognized credit rating agency, A.M. Best.

Write to Hanjong Choi at onebell@hankyung.com