LK Re, a specialist in reinsurance brokerage and Singapore subsidiary of LK Insurance Brokerage, has been selected as a registered broker by Lloyd’s in the UK.
This move marks the first time that an overseas subsidiary established by a Korean insurance broker has been granted this status.
LK Re’s registration as a Lloyd’s broker gives them direct access to the Lloyd’s market, as well as the ability to leverage its extensive network and product offerings, spanning over 200 countries, to secure optimal insurance solutions for their clients.
“In particular, we have laid the foundation for effective management of complex risks such as natural disasters and aerospace insurance, which are difficult to underwrite in the general insurance market,” a LK Re spokesperson noted.
As a Lloyd’s broker in Singapore – a status achieved just three years after the company was established in the country -, as an Asian reinsurance hub, LK Re will provide differentiated insurance products and competitive insurance rates to domestic and international clients.
This achievement will also help LK Re’s drive sustainable growth through collaboration with global insurance partners.
Kang Doo-seok, CEO of LK Insurance Brokerage, said: “Being selected as a Lloyd’s broker just three years after entering the Singapore market is a significant milestone that will allow us to provide broader and more innovative insurance solutions to our customers.
“In particular, we have laid the foundation for effectively managing complex risks that are difficult to underwrite in the general insurance market, such as specialty insurance, through cooperation with the Lloyd’s Syndicate.”
LK Insurance Brokerage expanded its operations into Singapore in 2021 with the acquisition of a reinsurance brokerage license and the establishment of LK Re.
