Korean Re to launch in Lloyd’s; Beazley potential partner

Reinsurer Korean Re has confirmed that it plans to establish a subsidiary at Lloyd’s this year as it seeks overseas expansion.

However, Korean Re and Beazley have declined to comment on market rumours that they will work together to establish a special purpose vehicle.

In an interview with BusinessKorea, Won Jong-kyu, president of Korean Re, said: “Visiting London in the UK in September last year, we have talked with prospective partner companies about establishing a joint company, and we have also finished market research. A local corporation will be established with the size of £10 million.

“Once Korean Re has its foreign organisation for underwriting itself in the advanced European market, the company will secure a bridgehead for overseas expansion.”