Global reinsurance giant Munich Re has announced the appointment of Kyungsuk Lee from Chubb Life Korea Insurance, as its new Head of Life and Health in Korea.
The addition of Lee, who joined the reinsurer on July 15th, 2019 is part of a leadership transition within the company’s Korea operation, with Soobum Lee, current Head of Life and Health in Korea, retiring in September of this year.
Kyungsuk joins the firm from Chubb Life Korea Insurance, where he most recently served as Chief Financial Officer (CFO). He will assume the position as Head of Life and Health, Korea at Munich Re in due course, while Soobum is set to transition into a new position within Munich Re as a Senior Advisor until the end of next year, when his full-time retirement comes into effect.
In his new role, Kyungsuk will report to Munich Re’s Managing Director, Life & Health for South East Asia, Korea and Japan, David Hughes, who commented: “Munich Re has a long-standing presence in Korea, and the market is important to us. With Kyungsuk joining Munich Re, we have attracted a very capable candidate with a strong track record in the insurance industry to continue leading our Life and Health business and build on the strong relationships and delivering quality service to our clients and the industry in Korea.
“This overlap will facilitate a smooth transition and ensure clients receive the same quality of service from Munich Re.
“Following a distinguished career in the insurance industry, including more than 20 years of service at Munich Re, I would also like to thank Soobum for his significant contribution to Munich Re and the broader insurance industry in Korea.”
The appointment of Kyungsuk follows the hiring of Michael Hauer as CEO of Munich Re’s Korea operation in April of this year.
