Reinsurance News
Korean Re
Michael Hinz to take over from Markus Eugster as CEO of Korean Re Switzerland
29th February 2024
Michael Hinz, who has served as Korean Re Switzerland's Chief Underwriting Officer since 2021, will assume the Chief Executive Officer (CEO) role on July 1st, 2024. Korean Re Switzerland is a wholly owned subsidiary of Seoul based reinsurer Korean Re, which secured a FINMA reinsurance license and 'A' stable rating by ... Read the full article
Korean Re enters coinsurance deal with Samsung Life
3rd January 2024
Korean Re entered into a coinsurance deal with Samsung Life concerning the life insurer’s liabilities worth KRW 700 billion in October 2023. The agreement follows post-intensive discussions between the two parties and the analysis of the merits and effects of the deal for four months. The agreement went into force on November ... Read the full article
Korean Re achieves ESG rating of A from KCGS
2nd January 2024
Seoul-based reinsurer Korean Re has obtained an ESG integrated rating of A (Outstanding) in the 2023 ESG evaluation conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS). This rating marks a major improvement from the previous year's B+ rating (Good). In this year’s evaluation, Korean Re obtained A ratings in ... Read the full article
Korean Re 9M net income hits KRW 292.9bn as insurance result soars
28th December 2023
Korean Re has reported a net income of KRW 292.9 billion for the first 9M of 2023, with an insurance income of KRW 194.9 billion. This year's net income figure is much improved compared to the KRW 114.9 billion recorded in the same period of 2022, where insurance income was also ... Read the full article
AM Best revises Korean Re’s Long-term ICR outlook to positive
8th December 2023
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Korean Reinsurance Company (KRE). According to AM Best, the ratings reflect KRE’s balance sheet strength, ... Read the full article
Korean Re sees net income increase in H1 2023
27th September 2023
Korean Re has announced its financial results for the first half of 2023 reporting a net income of KRW 268.9 billion, with an underwriting income of KRW 215.3 billion. In the same period last year, the Seoul-based reinsurer reported a net income of KRW 67.0bn with an underwriting income of KRW ... Read the full article
Korean Re partners with Moody’s RMS to provide risk analysis across Europe and Asia
26th July 2023
Moody’s RMS risk models will now be available across Europe and Asia as Korean Re and the catastrophe risk modelling and solutions company have announced a new agreement to licence the products in these regions. These models include: Europe Inland Flood HD Models and Europe Severe Convective Storm (SCS) HD Models ... Read the full article
Korean Re granted patent for its financial evaluation model
8th December 2022
Seoul-based reinsurer Korean Re has become the first reinsurer to obtain a patent protection for its financial evaluation model. Life insurers have been under pressure from financial authorities to set out criteria for evaluating the financial ability of the insured amid a growing number of insurance scams involving large death benefits. Korean ... Read the full article
Korean Re rules out cover for coal mining or power plant construction
6th December 2022
Korean Re has announced that it will no longer provide reinsurance for new coal mining or power plant construction from the beginning of next year. The move was cautiously welcomed by Insure our Future, which said that new restriction were weaker than those of Korean Re’s international peers. It said that ... Read the full article
Korean Re says GWP up 10% in H1 2022
20th September 2022
Korean Re has released its results for H1 2022, saying that it saw gross written premiums (GWP) go up by 10% in the first half of the year. The firm said in a statement that GWP had risen to KRW 4,586.4bn ($3,797.5m) and was driven by new coinsurance business. This new ... Read the full article
Seoul flooding losses “manageable” for Korean re/insurers
12th August 2022
Losses from record rain-induced floods in Korea should be manageable for Korean property and casualty insurers, with reinsurers like Korean Reinsurance Co. also being able to absorb the rainfall losses. Homes, roads and subway stations in the South Korean capital have been flooded as a result of record downpours, which have ... Read the full article
Korean Re and Shinhan Life sign coinsurance agreement
3rd March 2022
Korean Re has entered into a coinsurance agreement with Shinhan Life. The agreement between the two firms will see Korean Re work with Shinhan Life to help the latter manage its assets and liabilities. According to Korean Re, it will lead to individual transactions collectively worth up to KRW 500 billion ($414m). Korean ... Read the full article
Korean Re partners with healthcare insurtech Leapstack
20th April 2021
Seoul-based reinsurer Korean Re has partnered with Leapstack, an AI-powered insurtech that specialises in healthcare, to support Leapstack’s expansion into the Korean insurance market. Leapstack, which has already partnered with several of Korea’s largest insurers, aims to provide big data AI solutions for commercial insurance companies and social security management agencies. In ... Read the full article
Korean Re names Michael Hinz as CUO of Swiss subsidiary
8th April 2021
Michael Hinz has been promoted to Chief Underwriting Officer (CUO) of Korean Re Switzerland and will also join the Executive Management of the reinsurer's Swiss subsidiary. In his new role, Hinz takes on responsibility for building Korean Re's European hub. He joined the firm in 2019 as Deputy CUO, and has ... Read the full article
Korean Re Switzerland expands reinsurance business at 1/1
17th February 2021
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, ... Read the full article