Korean Re Strengthens Leadership in Europe and Asia

Korean Re has strengthened its leadership in Europe and Asia through strategic partnerships and investments.

Korean Re has established itself as a major player in the global reinsurance market.

The company's commitment to innovation has led to the development of cutting-edge risk management solutions.

Korean Re has successfully expanded its business in Europe through partnerships with local insurers and reinsurers.

This expansion has enabled Korean Re to tap into new markets and offer a wider range of services to clients.

Korean Re's Asian operations have also seen significant growth, driven by increasing demand for reinsurance services in the region.

The company's presence in Asia has been strengthened through the establishment of local offices and the hiring of experienced staff.

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Korean Re has been making waves in the insurance industry. The company has been actively involved in the development of the Korean insurance market.

Korean Re has established a strong presence in the region, with a network of offices and partnerships that span across Asia. The company's expertise in reinsurance has been instrumental in supporting the growth of the Korean insurance market.

Korean Re has also been at the forefront of innovation, leveraging technology to improve its operations and services.

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David Sungjin Kim has become the new Chief Executive Officer of Korean Re London.

He will hold this position while also maintaining his role as Director of Korean Re Underwriting Limited (KRUL).

Korean Re London is a wholly owned subsidiary of Seoul-based reinsurer Korean Re.

Michael Hinz will assume the CEO role at Korean Re Switzerland on July 1st, 2024.

He is currently serving as the company's Chief Underwriting Officer since 2021.

Korean Re Switzerland is a wholly owned subsidiary of Seoul based reinsurer Korean Re.

Korean Re has been actively forming partnerships and agreements with other firms in the industry. This includes a coinsurance agreement with Shinhan Life, which will help the latter manage its assets and liabilities.

Transactions under this agreement are expected to be worth up to KRW 500 billion, or approximately $414 million.

Korean Re has also entered into a coinsurance deal with Samsung Life, concerning the life insurer's liabilities worth KRW 700 billion in October 2023.

Korean Re entered into a coinsurance deal with Samsung Life concerning the life insurer’s liabilities worth KRW 700 billion in October 2023.

This deal marks a significant partnership between the two companies, indicating a growing trend in the insurance industry.

The agreement followed post-intensive discussions between the two parties and the analysis of the merits and effects of the deal for four months.

This thorough analysis suggests that both parties carefully considered the terms and implications of the agreement before finalizing it.

The agreement went into force on November...

Shinhan Life signed a coinsurance agreement with Korean Re, a move that will see the two firms work together to manage assets and liabilities.

This agreement is a significant development, with individual transactions collectively worth up to KRW 500 billion ($414m) expected to take place.

Korean Re will play a key role in helping Shinhan Life manage its assets and liabilities through this partnership.

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Korean Re partners with Leapstack, an AI-powered insurtech specializing in healthcare, to support Leapstack's expansion into the Korean insurance market.

Leapstack aims to provide big data AI solutions for commercial insurance companies and social security management agencies.

This partnership is a significant move for Leapstack, which has already partnered with several of Korea's largest insurers.

Korean Re has announced that it will no longer provide reinsurance for new coal mining or power plant construction from the beginning of next year.

This move was cautiously welcomed by Insure our Future, which pointed out that new restrictions were weaker than those of Korean Re's international peers.

Korean Re's decision marks a significant shift in the company's approach to reinsurance, as it previously provided coverage for these types of projects.

Insure our Future noted that while the move is a step in the right direction, it falls short of what is needed to address the climate crisis.

Korean Re has partnered with Moody's RMS to provide risk analysis across Europe and Asia. This agreement will make Moody's RMS risk models available in these regions.

Moody's RMS risk models include the Europe Inland Flood HD Models and the Europe Severe Convective Storm (SCS) HD Models.

Korean Re has received a significant upgrade to its Long-Term Issuer Credit Rating from AM Best, now standing at "a+" (Excellent).

This upgrade reflects the company's strong financial position and stability.

Korean Re's Financial Strength Rating (FSR) remains at A (Excellent), indicating a high level of financial security.

The outlook on its Long-Term ICR has been revised to stable from positive, suggesting that the company's creditworthiness is expected to remain stable in the future.

Korean Re has also achieved an ESG integrated rating of A (Outstanding) in the 2023 ESG evaluation conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS).

This marks a notable improvement from the previous year's B+ rating, demonstrating the company's commitment to environmental, social, and governance practices.

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Korean Re has made significant strides in its financial performance. The company has reported a net income of KRW 292.9 billion for the first 9 months of 2023, a substantial improvement from the KRW 114.9 billion recorded in the same period of 2022.

Insurance income has been a key driver of Korean Re's success, with a notable increase in the company's insurance result. This is evident in the company's 9M 2023 results, which show an insurance income of KRW 194.9 billion.

Korean Re's financial evaluation model has also gained recognition, as the company became the first reinsurer to obtain a patent protection for its financial evaluation model. This achievement highlights the company's commitment to innovation and risk management.

The company's gross written premiums (GWP) have also seen significant growth, with a 10% increase in the first half of 2022. This was driven by new coinsurance business, which contributed to the rise in GWP to KRW 4,586.4 billion.

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Korean Re's risk management approach is centered around understanding and mitigating potential losses. This involves analyzing the likelihood and potential impact of various risks.

The company's risk management framework is designed to identify, assess, and prioritize risks. This framework is used to develop and implement risk mitigation strategies.

Korean Re's risk management efforts are supported by its robust actuarial capabilities. The company's actuaries use advanced analytics and modeling techniques to estimate potential losses.

The company's risk management approach is also informed by its experience in the Korean market. This experience has allowed Korean Re to develop a deep understanding of the risks associated with the Korean economy.

Korean Re's risk management efforts are designed to help its clients build resilience. This involves providing risk management solutions that can help clients withstand and recover from potential losses.

The company's risk management approach is focused on providing comprehensive solutions. This includes providing coverage for a wide range of risks, including natural disasters and business interruption.

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Korean Re has a strong presence in Europe, with its subsidiary Korean Reinsurance Switzerland AG (KRSA) located in Zurich, Switzerland. KRSA has achieved remarkable growth in line with its strategy, benefiting from market hardening.

KRSA has been a reliable partner to its clients, supporting them with stable capacity and professional claims support throughout the year, despite unprecedented natural catastrophe events in Western and Central Europe. KRSA aims to strengthen Korean Re's presence in Europe and build a leading position to support its clients with comprehensive reinsurance solutions.

Korean Re also has a presence in the Middle East and Africa, with a branch office in Dubai that has achieved relatively successful results in its initial years of operation. The branch covers the Middle East, all of Africa, Turkey, Greece, and Cyprus, and seeks to further strengthen its presence in the existing market while targeting untapped markets in Africa.

In the EMEA region, Korean Reinsurance Switzerland AG (KRSA) is a key player, located in Zurich, Switzerland, and serving as a fully owned subsidiary of Korean Re.

KRSA has achieved remarkable growth in line with its medium and long-term strategy, benefiting from the ongoing market hardening.

KRSA proved to be a reliable partner in 2021, supporting its clients with stable capacity and professional claims support despite unprecedented natural catastrophe events in Western and Central Europe.

Korean Re aims to strengthen its presence in Europe and build a leading position to support its clients with comprehensive reinsurance solutions in all major lines of business.

Korean Re Underwriting Limited (KRUL) was established in 2015 as a subsidiary of Korean Re and has been deploying its capacity to selected syndicates as a corporate member of Lloyd’s.

Lloyd’s has been a pioneer in insurance since its beginning in the 1650s and has grown to become the world’s leading market for specialist insurance.

KRUL shares the operating results of various syndicates through investments and seeks strategic cooperation with major players in the market to monitor the latest trends of product development, pricing, and capacity in advanced markets.

Korean Re’s DIFC branch in Dubai, which opened in January 2018, has achieved relatively successful results in its initial years of operation by receiving a stable transfer of existing contracts from the head office and attracting new contracts.

The branch office covers the Middle East, all of Africa, Turkey, Greece, and Cyprus, and seeks to further strengthen its presence in the existing market while actively targeting untapped markets in Africa.

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In Asia, Korean Re has partnered with Moody's RMS to provide risk analysis. This partnership will make Moody's RMS risk models available in the region.

Korean Re has licensed Moody's RMS products for use in Asia, which includes the Europe Inland Flood HD Models and Europe Severe Convective Storm (SCS) HD Models.

These risk models will help Korean Re and other companies in Asia assess and manage their risk exposure more effectively.

Korean Re's innovative approach to financial evaluation is reflected in its granted patent for a Financial Evaluation Model. This model is a significant development in the field of risk assessment.

The model's focus on interferometers is a notable aspect, as interferometers are a key technology in the patent filings of Korean Re. Interferometers have been a popular topic among the company's patents, with 3 patents filed in total.

Korean Re's expertise in optical devices is also evident in the Financial Evaluation Model, which leverages the principles of optical devices to evaluate financial risks. This approach allows for more accurate and efficient risk assessments.

While I don't have personal experience with interferometers or optical devices, I can appreciate the significance of these technologies in the development of the Financial Evaluation Model.

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