Korean Re is looking to establish a new local branch in Zurich as the reinsurer looks to expand into the European market, according to local reports.
Korea’s Pulse News reported that the Korean Re aims to commence operations at its Zurich branch in June 2019.
“The Swiss entity will play a huge role in boosting our premium volume in Europe from the current $200mn to more than $300mn by 2025,” a Korean Re official told the publication.
In 2015, the top 10 reinsurer made its entry into Lloyd’s market after establishing special purpose syndicate (SPS) 6050 as part of a strategic partnership with Beazley, with SPS 6050 writing a whole account quota share of Beazley syndicates 623 and 2623 and Beazley taking a quota share of Korean Re’s commercial lines book.
According to Pulse News, Korean Re is also awaiting approval from Chinese authorities for its Shanghai entity having filed an application in November 2014.
The approval process in China usually takes two to three years but its application has been delayed due to the lengthy process required by the China Insurance Regulatory Commission.