Hanoi Re and Amar Insurance sign memorandum of understanding for cooperation in reinsurance

On April 24, 2024, in Ulaanbaatar, Mongolia, a Memorandum of Understanding (MOU) for cooperation in Reinsurance was signed between Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) and Amar Insurance Company (Amar Insurance). This ceremony was attended by high-level leaders from both sides.

Mr. Batzul Tumur Ochir, CEO of Amar Insurance, and Mr. Trinh Anh Tuan, CEO of Hanoi Re,
are the Representatives who signed the MOU between the two sides.

The signing ceremony took place within the framework of the business trip involving over 20 Vietnamese enterprises and businesses from Mongolia, witnessed by Vietnamese Ambassador to Mongolia and Deputy Director of the Mongolian National Chamber of Commerce and Industry (MNCCI).

Towards the effective development of bilateral cooperation agreements celebrating the 70th anniversary of diplomatic relations between Vietnam and Mongolia, Vietnamese Ambassador to Mongolia – Mr. Doan Khanh Tam emphasized the significance of enhancing trade between the two nations, emphasizing the pivotal role of enterprises in strengthening the friendly relations between Vietnam and Mongolia. Deputy Director of MNCCI, Mr. Ts. Magnaibaatar, highlighted vivid examples of longstanding economic and trade cooperation between the two countries, exemplified by the signing of the historic first trade agreement in 1957, a mere three years after establishing diplomatic relations.

Based on recent negotiation outcomes, Hanoi Re and Amar Insurance have agreed to exchange information and expertise related to insurance – reinsurance and the potential projects of investment, finance, commerce, legal and other related contents in Mongolia. Under this cooperation, Hanoi Re commits to providing Amar Insurance with technical insights into international reinsurance products and markets, training and improving expertise for Amar Insurance staffs, supporting reinsurance capacity, and offering risk engineering services. Amar Insurance, in turn, commits to prioritizing cooperation and furnishing Hanoi Re with market insights, regulations, and pertinent knowledge about insurance-reinsurance in Mongolia.

CEO of Hanoi Re – Mr. Trinh Anh Tuan, spoke at the signing ceremony: “At Hanoi Re, we consider Mongolia as a highly promising insurance market. We are eager to start offering professional reinsurance services to non-life insurance businesses in Mongolia. We have been impressed by the dynamic business operations of Amar Insurance in recent times. Therefore, Hanoi Re is delighted to sign this MOU with Amar Insurance today. This marks a significant milestone for the continuos development of our relationship.”

Mr. Batzul Tumur Ochir, CEO of Amar Insurance, expressed his gratitude: “We sincerely thank MNCCI and the Vietnamese Ambassador to Mongolia for facilitating connections between businesses of the two countries. The foundation of the relationship between Amar Insurance and Hanoi Re was established 7 years ago during a meeting between the CEOs of both companies. Today’s signing of the MOU will serve as a crucial basis for the comprehensive collaboration between the two sides in the future, with the expectation that it will contribute to promoting trade relations between the two nations.”
Amar Insurance operates in the non-life insurance sector with its headquarters in Ulaanbaatar, and is one of the most diverse businesses in Mongolia. Amar Insurance aims to explore new opportunities in insurance industry with suitable partners to achieve benefits and promote insurance collaboration.

Hanoi Re – a professional reinsurance Corporation in Vietnam, established since 2011. Over the years, Hanoi Re has provided reinsurance services, as well as risk engineering and advisory services to numerous clients in Vietnam and over 50 countries worldwide.