Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has announced the successful completion of its first reinsurance renewal on the 1st of January, 2020.
The Seoul-based reinsurer established its European subsidiary as part of a push to expand in the region. The new entity was licensed to start reinsurance business from June 1st, 2019 and in early July, obtained long-term issuer credit and financial strength ratings of ‘A’ from S&P Global Ratings.
For its first renewal, the reinsurer states that its underwriting team received more than double the amount of new programmes when compared to the existing book.
Korean Re Switzerland notes that alongside the successful expansion of its book of business by more than 50% in both volume and number of programmes, it also achieved improved geographical diversification by line of business and type of contract.
Furthermore, the reinsurer adds that it benefited from “very good” signings and was able to prove its reliability as an agile and competent partner for both new and renewal business with traditional, and importantly innovative reinsurance structures.
“All of this has been possible because of our clients, existing and new ones, who have recognized the trusted brand and capabilities of Korean Re and its new European subsidiary.
“We would like to thank all our clients and business partners for contributing and making this successful renewal possible. We are here to serve you and look forward to building and expanding long-lasting, value-adding business relationships as a true multi-line reinsurer across all lines of business,” said the firm.