30 March 2015 Insurance

Beazley & Korean Re partner on Lloyd’s syndicate

Beazley and Korean Re are set to establish a special purpose syndicate at Lloyd’s which will write a quota share of Beazley syndicates 623 and 2623.

Beazley will take a quota share of Korean Re’s commercial lines book, equating to a reinsurance swap of approximately $20 million in gross premium.

The agreement envisages Beazley embedding products with Korean Re to distribute through their domestic distribution channels, while providing Korean Re with access to the Lloyd’s market.

The two organisations will also implement a programme of employee secondments to help build experience in their respective markets along with exploring joint product development opportunities.

Andrew Horton, chief executive officer (CEO) of Beazley, said: “Korean Re is a top ten global reinsurer and we are pleased to be partnering with them in this special purpose syndicate. Korean Re is the dominant reinsurer in South Korea and an excellent partner for distributing Beazley products in Asia. We hope this collaboration will enable Beazley to write more business in Asia and enable Korean Re to develop a track record at Lloyd’s.”

Jong-Gyu Won, Korean Re CEO, said: "I am very pleased to have signed this cooperation agreement with Beazley. I expect our partnership to create exciting synergies for the mutual growth of our two companies based on Beazley's extensive experiences in the international market and Korean Re's long-standing presence and expertise in Asia.”

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