Korean Re sets up European reinsurance hub in Switzerland to drive overseas business

Seoul-based reinsurer Korean Re has launched a  new reinsurance subsidiary in Zurich, Switzerland as part of its expansion strategy in the European market.

Korean Reinsurance Switzerland is licenced by the Swiss Financial Market Supervisory Authority (FINMA) to write European reinsurance business in non-life lines such as property, casualty, and specialty.

The new unit will start business from June 1, 2019.

The Swiss entity is Korean Re’s second subsidiary in Europe after Korean Re Underwriting, a corporate member at Lloyd’s of London.

The reinsurer hopes that the new subsidiary will help Korean Re expand its business in Europe and diversify its global business portfolio in a way that enhances its business performance.

Markus Eugster, the newly-appointed CEO of Korean Re Switzerland, said: “Together with our teams I look forward to leading the growth of Korean Re's successful European business by offering consistency and continuity to our clients and partners.”

Jong-Gyu Won, CEO of Korean Re, added: “I am pleased to see another progress in our efforts to expand into the global markets. It will be a major breakthrough in our struggle to overcome the challenge of limited domestic market growth.

"With the opening of the Swiss subsidiary, we can better serve our European clients and are confident that our long-term growth strategy will prove to be successful.”