The only reinsurance company from South Korea, Korean Re, is reportedly looking to open a branch in Switzerland, as the company looks to grow into the European market.
Korean Re already has a base at Lloyd’s of London, but the new Swiss hub, which is expected to be established in Zurich, could also be a way for the company to ensure continuity for clients after Brexit, as well as part of its expansion plans.
Korean Re said it plans to begin underwriting from its new Zurich office by June 2019.
An official told Korea’s Pulse News, “The Swiss entity will play a huge role in boosting our premium volume in Europe from the current $200 million to more than $300 million by 2025.”
The reinsurer has been seeking global expansion in recent years, as it looks to diversification as a way to allow it to grow domestically as well.
Korean Re is already establishing a branch in Shanghai, China, which is expected to receive full approval later in 2018 or early 2019.
