Korean Re Switzerland completes first renewal

Following the receipt of its FINMA license and S&P ‘A stable’ rating in June 2019, Korean Reinsurance Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, successfully completed its first reinsurance renewal on 1/1/2020, growing its portfolio by over 50 percent.

In July 2019 Korean Re said it planned to increase the portion of its overseas business to 80 percent by 2050 from 24.7 percent of its total revenue (gross written premiums). The company said it had a “strong commitment” to growing its overseas business based on “recognition that expanding into the global market is not a matter of choice but a matter of survival”.

Commenting on the completion of its successful first renewal, Korean Reinsurance Switzerland said: “Our underwriting team has received more than twice as many new programs compared to the existing book of business. We have successfully grown our portfolio by more than 50 percent in volume and number of programs while improving the diversification geographically, by line of business and type of reinsurance contract. We further benefitted from very good signings and could prove our reliability as an agile and competent partner for new and renewal business with traditional and innovative reinsurance structures.

“All of this has been possible because of our clients, existing and new ones, who have recognised the trusted brand and capabilities of Korean Re through its new European subsidiary.”

Korean Re’s first overseas foothold came in 2015 when it entered the Lloyd’s market in London by establishing Korean Re Underwriting. It followed this by opening a branch in Labuan, Malaysia in 2017 and a branch in Dubai, the UAE in 2018.