What We Do
Europe is the 2nd biggest reinsurance market following North America, with its reinsurance premium reaching to USD 58bn, or 20.7% of the worldwide reinsurance market. In addition – according to an IAIS study - 90% of the ceded European premium is placed within the same region. Korean Re’s European business with a history of almost 20 years has been gradually growing over the last years while being profitable. The existing portfolio forms a very solid foundation for future growth – providing continuity and consistency are the key messages to our clients and partners.
We will act as Korean Re’s European Hub as an independent and fully capitalized reinsurer with a FINMA reinsurance license and an S&P 'A' rating. Our location in the heart of Europe combined with an experienced and talented local team will allow Korean Re to better serve its European clients to meet their financial, operational and regulatory needs. Over the next years we aim to become a partner for all core placements of our clients including long-tail lines and tailored/structured reinsurance needs.
We will combine new offerings with existing business and provide ‘best in class’ service, namely closeness to the clients and quality and speed of service. Our focus will be on 'One voice to the market', aligned underwriting teams across locations, and long-term profitability.
Lines of Business
All Non-life reinsurance lines of business, namely:
Accident & Health
Liability / General liability
Other property damage (e.g. Agriculture)
Portfolio Overview 2020
* Others: Netherlands, Croatia
By Line of Business
By Method of Placement
• Phase 1 (2020)
Austria, Benelux, France, Germany, Gibraltar,
Italy, Liechtenstein, Poland, Portugal, Spain, Switzerland
Countries with Solvency II equivalence requirements
• Phase 2
Expand to entire Europe including
UK & Ireland, Nordic countries,