Cal-Kor Insurance Services, one of the largest Korean-American insurance agencies, has strengthened its business by acquiring Hanin Insurance Services.
The acquisition was announced on August 19 at a signing ceremony held at Cal-Kor’s office in Los Angeles Koreatown. Hanin is an insurance agency known for first introducing Mercury Insurance to the Korean-American community.
Cal-Kor expects the merger to create synergies, including strengthening the auto insurance sector. As many Korean Americans are struggling with rising auto insurance premiums, the agency expressed confidence that Cal-Kor will be able to benefit many customers by offering Mercury auto insurance.
The merger will also increase the number of Cal-Kor’s insurance agents from 65 to 75. Michael Kang, CEO of Hanin Insurance, is also joining Cal-Kor as a partner.
“Insurance companies are the spine of the Koreatown community, and they need to be solidly in place to help develop the Korean-American economy,” said Charlie Chin, CEO of Cal-Kor Insurance Services explaining the significance of the merger. “Growth of a Korean-American insurance company means it can provide better services to Korean-Americans through ‘economies of scale’.”
The merger reportedly began to be discussed on August 10 last year. Since then, it has been realized after more than a year of discussions, including approval from the insurance companies and merging offices.
BY WONHEE CHO, HOONSIK WOO [cho.wonhee@koreadaily.com]
