Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has reported an expansion of its reinsurance business at the January 1 renewals.
The company saw profitable growth in business as well as further diversification of its portfolio, both geographically and by line of business.
In addition to its property offerings, Korean Re says it increased its presence across marine, engineering, motor and casualty business.
“Korean Re’s European subsidiary looks back on a successful renewal, both in terms of premiums as well as profitability,” the company said.
“Thanks to our investments into underwriting capabilities, our positioning among the larger global reinsurers and the close cooperation with our business partners, we have been able to expand our client support on a broad basis.”
Korean Re’s premium volume substantially increased compared to last year with improved prices and conditions.
Its growing footprint in the European market is also reflected in a larger number of quoted programs and direct participations.
“We want to be a transparent, agile and competent partner for our clients focusing on traditional and innovative reinsurance structures,” Korean Re continued.
“Through further strengthening of Korean Re’s long-tail and specialty underwriting capabilities Korean Re Switzerland is committed to provide an excellent reinsurance service to its clients and partners.”
2021 marked just the second round of January renewals for Korean Re’s European subsidiary, which became licensed to start reinsurance business from June 1st, 2019.
Last year, the company reported growth of more than 50% during the January renewal period.
