Δ From left to right: Karam Jo (Senior Underwriter), Michael Hinz (Deputy CUO), Nicolas Weisskopf (Underwriter), Felix Rubin (Senior Pricing Actuary), Marion Vantorre (Underwriter), Evelyn Gaus (Underwriter)
As of 1 November 2019 Korean Re Switzerland's underwriting team is fully staffed and ready for the renewal.
Korean Re Switzerland at 2019 Baden-Baden Reinsurance Meeting
Korean Re Events
Δ "Baden-Baden Reinsurance Meeting", from 20th until 24th October 2019
Korean Re Switzerland's underwriting team held meetings with clients and partners at the upcoming reinsurance conference in Baden-Baden to discuss and prepare for the upcoming 1/1 renewal.
Launching Korean Re Switzerland at 2019 RVS in Monte Carlo
Markus Eugster, CEO of Korean Re Switzerland, emphasized the continuity and consistency the subsidiary will provide, building on the excellent European network and business Korean Re has been building over the last 20 years.
Korean Re Events
Δ From left to right: Karam Jo (Senior Underwriter), Marion Vantorre (Underwriter), Michael Hinz (Deputy CUO), Markus Eugster (CEO)
Markus Eugster and Michael Hinz also attended panel discussions, for further details please refer to the following links:
Korean Re held a reception at the occasion of the launch of its new European subsidiary Korean Re Switzerland. Group CEO Mr. Won underlined that Korean Re is now in a better position to work closely with clients and partners in Europe. Korean Re expects the new subsidiary to become a major European hub for its overseas business.
Korean Re Switzerland AG obtains ‘A’ rating from S&P Global Ratings
S&P Global Ratings assigned the ‘A’ rating to Korean Re Switzerland with the stable outlook on June 28, 2019 and said that it viewed the Swiss entity as a core subsidiary of Korean Re, which is expected to play a critical role for the parent group to expand it reinsurance business in Europe.
Korean Re News
Δ financial strength ratings of ‘A’ from Standard & Poor’s Global Ratings (S&P Global Ratings)
With the rating announcement, S&P Global Ratings said that Korean Re Switzerland is set to receive strong support from the group in operations, underwriting, reinsurance and risk management. The rating agency also shared a view that the Swiss subsidiary is fully integrated with the group in terms of operations and is integral for the group’s strategy to grow its overseas business. The ‘A’ rating means a great deal to Korean Re Switzerland because a good credit rating is one of the most important elements for a new entity in attracting profitable business. Korean Re welcomed the news that its Swiss subsidiary obtained the ‘A’ rating. CEO Jong-Gyu Won of Korean Re said, “It is definitely great news, which heralds a good start for Korean Re Switzerland. I expect our new entity to become a major hub that brings growth to our international business.” Korean Re plans to increase the portion of its overseas business to 80 percent by 2050 under Vision 2050, which was announced in 2014. Currently, Korean Re’s overseas business accounts for 24.7 percent of its total revenue (gross written premiums), and no other domestic financial company in Korea beats that figure. This clearly reflects Korean Re’s strong commitment to growing its overseas business based on the recognition that expanding into the global market is not a matter of choice but a matter of survival. Indeed, Korean Re has made great strides in expanding its global presence. In 2015, it entered the Lloyd’s market in London – a global insurance hub 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. Most recently, Korean Re Switzerland started operations in June 2019, with the aim of expanding Korean Re’s presence in Europe – the world’s second largest single insurance market after the United States.
▪ Korean Re Switzerland AG got off to a good start as it obtained ‘A’ rating from S&P Global Ratings
▪ The Swiss subsidiary is expected to play a critical role in the group’s strategy to grow its overseas business
Korean Re Switzerland AG (Korean Re Switzerland) received local currency long-term issuer credit and financial strength ratings of ‘A’ from Standard & Poor’s Global Ratings (S&P Global Ratings). This has opened the way for successful operation of Korean Re Switzerland, which got off the ground in June 2019.
Korean Re opens a reinsurance subsidiary in Switzerland
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.
Korean Re News
Δ From left to right: Jazmin Seijas (CFO KRSA), Markus A Eugster (CEO KRSA), Jong-Gyo Won (CEO Korean Re), Reinhard Thoenissen (Independent Board Member KRSA)
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.”
- 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.
Korean Re to set up a Subsidiary in Switzerland by June 2019
The new entity in Switzerland will be Korean Re’s second base in Europe following the one established at Lloyd’s of London in the UK in 2015. The company entered the Lloyd’s market by establishing Korean Re Underwriting Ltd. in London through a collaborative partnership with Beazley plc. Given the uncertainty surrounding Brexit and a potential decline of the London insurance market as the international insurance hub, Korean Re will rely on the Swiss entity to continue with its business expansion strategy in Europe and to ensure continuity for its EU business after Brexit. Korean Re has focused on global business expansion to explore new market opportunities. It recently opened two branches on the Malaysian federal territory of Labuan and in Dubai, the UAE, which started operation in July 2017 and January 2018 respectively. In China, Korean Re is awaiting license approval for its Shanghai branch from the China Insurance Regulatory Commission.
Korean Re News
Δ Korean Re's Global Presence
Korean Re announced its plans early January 2018 to establish a subsidiary in Switzerland by June 2019 with the aim of growing its business in the European market.
The company expects the volume of its European business to increase from the current USD 200 million to over USD 300 million by 2025. Europe is the second largest insurance market in the world, after North America, with a global market share of around 30 percent.
Switzerland, in particular, is at the center of the European reinsurance industry, with 59 reinsurers from across the world operating in the country.