Korean Re opens a reinsurance subsidiary in Switzerland
- Korean Reinsurance Switzerland AG ("Korean Re Switzerland") becomes operational on June 1, 2019
- The Swiss entity is Korean Re’s second subsidiary in Europe following the Korean Re Underwriting Ltd. , the corporate member at Lloyd’s of London.
- It will play a critical role in effectively implementing Korean Re's growth strategy in Europe.
In July 2018, Korean Re has established an independently capitalized reinsurance subsidiary in Zurich - Korean Reinsurance Switzerland AG.
Following a year of intensive project work, the subsidiary will become operational in June 2019, one and a half year after the world’s tenth largest reinsurer decided to create a new European base in Zurich at the end of 2017.
The Swiss Financial Market Supervisory Authority (FINMA) has granted Korean Re Switzerland the authorization to operate as a reinsurance company with effective date of 1 June 2019.
As of the date of licensing, Korean Re Switzerland will write reinsurance business in non-life lines such as property, casualty, and specialty in European countries.
Korean Re Switzerland is also expected to receive a rating from Standard and Poor's which will be announced in due course.
Europe is one of the most important insurance markets in the world, accounting for 30% of global market premium.
Switzerland in particular has become a leading global reinsurance hub with an excellent regulatory environment and insurance ecosystem.
The new Swiss subsidiary is expected to help Korean Re expand its business in Europe and diversify its global business portfolio in a way that enhances its business performance.
Markus A. Eugster, 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.”
Korean Re has been making an all-out effort to increase its global market share since it announced Vision 2050 in 2014 as a long-term strategy to boost its global growth.
CEO Jong-Gyu Won of Korean Re has always stressed the importance of going global since he took office in 2013.
Under his leadership, Korean Re has made great strides in expanding its global presence.
In 2015, it entered the Lloyd’s market in London by establishing Korean Re Underwriting Ltd.
It also opened a branch in Labuan, Malaysia in 2017 and a branch in Dubai, the UAE in 2018.
The Swiss entity is Korean Re’s second subsidiary in Europe following Korean Re Underwriting Ltd. ,the corporate member at Lloyd’s of London.
The Swiss subsidiary will play a critical role in effectively implementing Korean Re's growth strategy in Europe.
CEO Won said, “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.”
Δ From left to right: Reinhard Thoenissen (Independent Board Member KRSA), Markus A Eugster (CEO KRSA), Jong-Gyo Won (CEO Korean Re), Jazmin Seijas (CFO KRSA)