Korean Re has entered into a coinsurance agreement with Shinhan Life.
The agreement between the two firms will see Korean Re work with Shinhan Life to help the latter manage its assets and liabilities.
According to Korean Re, it will lead to individual transactions collectively worth up to KRW 500 billion ($414m).
Korean Re said it will continue to deepen its cooperative business relationship with Shinhan Life as both parties agreed to keep working together to expand the scope of business to be ceded under coinsurance deals.
There have been similar deals in the headlines here at Reinsurance News recently, with a potential deal between Fortitude Re and Taiyo Life predicted to also take the form of a coinsurance deal.
