16 January 2018News

Korean Re to create Swiss subsidiary

Korean Reinsurance Company is set to establish a subsidiary in Switzerland, according to AM Best’s Jan. 16 Asia-Pacific newsletter.

The new unit is expected to start business in June 2019. The reinsurer wants to expand its reinsurance business in Europe as part of an overseas growth strategy.

In its “Vision 2050” the reinsurer set ambitious goals, aiming to become one of the top three reinsurers in the world.

In 2015, Korean Re entered the Lloyd’s market by establishing Korean Re Underwriting through a partnership with Beazley to drive its business growth in Europe.

Korean Re also established new branches in Labuan, Malaysia, in July 2017, and in Dubai in January, 2018. In China, the Shanghai unit is waiting for license approval, according to a November 2017 presentation.

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More on this story

8 January 2015   Reinsurer Korean Re has confirmed that it plans to establish a subsidiary at Lloyd’s this year as it seeks overseas expansion.
20 May 2019   Seoul-based reinsurer Korean Re has launched a new reinsurance subsidiary in Zurich, Switzerland as part of its expansion strategy in the European market.
5 July 2019   Korean Re’s reinsurance subsidiary in Switzerland, which opened on 1 June 2019, has achieved an ‘A’ rating from S&P Global Ratings.