Americas
New Jersey
KoreanRe Insurance Services, Inc. (KRIS)
Korean Re established a subsidiary, KoreanRe Insurance Services, Inc. (KRIS), in the United States as part of its strategic initiative for global expansion. Now entering its fifth year of operation, KRIS has transitioned from its foundational phase to becoming a robust strategic hub for Korean Re’s growth in the Americas. Since securing its comprehensive licensure as a (re)insurance intermediary and producer for both Property & Casualty and Life & Health in 2021, KRIS has consistently enhanced its specialized risk consulting capabilities and market agility.
With an initial focus on the northeastern U.S., KRIS has leveraged strategic opportunities to extend its reach across the country, aligning with Korean Re’s objective to grow its market share in a domain that constitutes 45% of global premium income. In addition, KRIS is venturing into primary insurance brokerage including P&C and Surety for U.S.-based Korean companies in order to enhance its service range and provide exceptional insurance consulting and brokerage services, reflecting Korean Re’s flexibility and client-centric approach. As a key pillar of Korean Re’s global network, KRIS remains committed to providing exceptional client-centric services in an increasingly complex risk environment.
Bogotá
Our representative office in Bogotá was set up in February 2020 after gaining approval from local authorities in Colombia, with which Korea had signed an FTA agreement in 2016. From this operating base in Bogotá, the capital city of Colombia, Korean Re covers the entire Latin American region, including the Caribbean, where we have built business relationships with a number of (re)insurers for 28 years. The establishment of the office was as part of Korean Re’s ongoing initiative to increase its overseas business based on a diversified geographic portfolio.
As of January 1, 2024, amendments to Korean regulations have enabled the Bogotá representative office to directly perform underwriting on-site, allowing for more flexible and prompt underwriting decisions. This regulatory change has enhanced our accessibility and responsiveness to local clients and is expected to strengthen Korean Re’s presence in the Latin American market. Going forward, we will continuously provide improved services to our local clients, explore new business opportunities, and further diversify our overseas portfolio.
Asia
Singapore and Labuan
Our Singapore branch has provided stable capacity to the Southeast Asian market over the last 48 years. Across the market, Korean Re is recognized as a leading reinsurance company that provides reliable quotations based on a consistent underwriting policy. Furthermore, we remain actively responsive to our clients’ needs as we continuously support their risk management objectives. Along with developments in the market, their needs are changing and evolving, so we are striving to keep up with market needs and expand our business portfolio accordingly.
Building on our track record in Singapore, our Labuan branch has been serving the Malaysian market as a Tier 2 reinsurer since its opening in July 2017. As one of the market leaders in the region, we will stay committed to providing excellent client services across diverse lines of business. For the sake of administrative cost savings, the branch is operated without staff, as all necessary documentation and administrative activities are handled by our Singapore branch.
The key strategy of our Singapore and Labuan branches is to maintain a leading reinsurer position in the market while focusing on profitability-driven underwriting and building a well-diversified, stable portfolio across regions and lines of business. In 2025, despite frequent natural catastrophes such as the earthquake in Myanmar and the floods in southern Thailand, we successfully defended our results through our robust and well-diversified portfolio. This strategic direction will continue in 2026. In response to the increasing risks posed by climate change and softening market conditions, we plan to further strengthen our management of natural catastrophe volatility and reinforce profitability-driven underwriting.
Shanghai
Our Shanghai branch, which began operations in 2020, continues to serve as a key platform for strengthening Korean Re’s presence in the Chinese market.
The branch focuses primarily on profitability-oriented business segments, particularly property and liability non-proportional treaties, while maintaining a cautious stance toward motor and proportional property treaties where performance has been relatively limited. Overall loss experience during 2025 remained profitable, with no significant events materially impacting the portfolio.
Our underwriting approach for 2026 remains consistent with prior years. We will continue to pursue proportional treaties that demonstrate stable performance, while selectively expanding our non-proportional portfolio through technically priced, well-structured programs despite ongoing softening market conditions.
Going forward, the Shanghai branch will maintain its emphasis on strengthening operational stability through robust infrastructure. By providing tailored services to key clients based on their business performance, cash flow position, and solvency considerations, we aim to reinforce our role as a dependable long-term partner in the region. The branch will also continue to respond proactively to developments in the Chinese insurance market and regulatory environment in support of sustainable growth.
GIFT City (Gujarat)
Korean Re established an IFSC Insurance Office (IIO) at Gujarat International Finance Tec-City (GIFT City), as a key strategic move to solidify its long-term presence in South Asia. The office obtained its formal approval from the International Financial Services Centres Authority (IFSCA) in late 2025, and is currently finalizing its operational setup to commence business. This office has been established in recognition of India’s growing strategic importance, driven by increasing insurance penetration and rising demand for reinsurance capacity.
The branch in GIFT City will initially focus on local treaty portfolios that have historically been managed through our Singapore branch. By transitioning these businesses to the branch, we aim to enhance underwriting responsiveness and strengthen our partnerships with local cedants. This onsite presence allows for a more disciplined and client-centric approach, ensuring that we meet the increasing demand for reinsurance solutions in the region.
Over time, the India office plans to gradually expand its scope to include facultative reinsurance and explore strategic opportunities in neighboring markets such as Nepal, Sri Lanka, and Bangladesh. It is expected to play a growing role within Korean Re’s Asian network, driving portfolio diversification and sustainable growth.
Hong Kong
Worldwide Insurance Services, Ltd. (WIS)
Worldwide Insurance Services, Ltd. (WIS), which is based in Hong Kong, has been mainly running a reinsurance broking business since 1995 as a wholly owned subsidiary of Korean Re. As an in-house broker of Korean Re, WIS has access to Korean Re’s treaty and facultative business. This puts it in an excellent position to support (re)insurers with limited opportunities to tap into the Korean insurance market.
In addition to giving (re)insurers a chance to utilize Korean Re’s capacity, its strengths mainly lie in decades of accumulated know-how and expertise in reinsurance, not to mention the insightful knowledge necessary to provide practical value-added services. Moreover, as a licensed broker in both Hong Kong and Lloyd’s UK, WIS has a robust worldwide network to operate both Korean and non-Korean businesses. Based on those advantages, WIS works closely with Korean Re to offer the best solutions that meet the increasingly diverse and sophisticated needs of its clients worldwide.
On top of its main business of reinsurance broking, WIS has recently started to engage in the primary insurance brokerage business, mainly for Korean companies operating in Hong Kong. This new business operation has contributed to increasing the insureds’ benefits through outstanding insurance consulting and brokerage services. Starting with group medical insurance of Korean financial entities in Hong Kong, it plans to expand its business scope and service areas.
Tokyo
Established in 1969 as Korean Re’s first overseas presence, the Tokyo Liaison Office serves as a strategic bridgehead in one of the world’s most disciplined insurance markets.
The office plays a critical role in maintaining Korean Re’s long-standing partnerships with Japanese insurers and brokers. By providing real-time market intelligence and regulatory insights, the Tokyo office enables the head office to navigate the unique dynamics of the Japanese market. Its core focus lies in strengthening trust-based relationships—a key success factor in Japan—and ensuring seamless communication for both treaty and facultative business.
In 2026, the Tokyo office will continue to enhance its role as a local intelligence hub, supporting the head office’s underwriting strategies amid evolving natural catastrophe risks and shifting Japanese reinsurance trends. Through continuous on-the-ground engagement, we aim to solidify our position as a reliable partner and facilitate sustainable business growth in the region.
Europe, Middle East, and Africa (EMEA)
Zurich
Korean Reinsurance Switzerland AG (KRSA)
Korean Reinsurance Switzerland AG (KRSA), based in Zurich and regulated by FINMA, continued to strengthen its strategic role within the Korean Re Group in 2025, marking its sixth year of operations. The company further advanced its organizational and technical capabilities, notably in reserving, claims, and data analytics, as well as in the fully insourced Swiss Solvency Test (SST) and ORSA processes. KRSA’s solid performance underscored the Group’s global diversification strategy, providing a Solvency II equivalent European balance sheet that enhances the diversification of Korean Re’s risk profile and profit streams while contributing to long-term capital efficiency. KRSA is well positioned to evolve into a European hub for Korean Re, with the potential to become a meaningful long-term contributor to global net income. Its disciplined underwriting, strong technical expertise, and growing integration within the Group reinforce its role as a key pillar of Korean Re’s international expansion.
The 2025 renewal season unfolded in a stabilizing yet increasingly competitive market as additional capacity returned. KRSA entered the renewals with a clear strategic priority to reduce exposure to high-severity natural catastrophe risks, particularly across peak peril zones in Western Europe. This repositioning led to materially lower limits in selected peak peril regions, reducing premium volume while improving portfolio resilience and lowering volatility. In parallel, KRSA broadened its participation in more diversified and profitable lines of business, including new opportunities in Motor, Cyber, and Casualty, supported in part by structured quota share arrangements that reduced the relative weight of the more volatile Property segment. Engineering and Marine continued to deliver stable results, backed by sound underlying market conditions.
Despite persistent pricing pressure in the property catastrophe business, KRSA delivered strong bottom-line results in 2025. Gross written premiums amounted to EUR 128.3 million, and the company generated a gross profit of EUR 19.4 million. KRSA reported a technical combined ratio of 87.9%1) including administration expenses, reflecting disciplined underwriting and effective portfolio steering. Claims experience remained moderate, with natural peril losses well within expected ranges, while strong performance across most business lines and positive prior-year developments enabled KRSA to exceed internal financial targets.
The January 2026 renewals took place in a more competitive yet broadly disciplined market environment. For the remainder of 2026, KRSA will continue to prioritize portfolio balance and resilience while originating profitable new mid-year opportunities across Europe and South Africa, with a focus on deepening long-term partnerships and maintaining a stable and credible market presence. Continued investment in advanced analytics, combined with enhanced cross-regional knowledge sharing, will support more agile underwriting decisions and sharper risk selection. KRSA remains committed to supporting the Korean Re Group’s international ambitions through sustainable growth, disciplined underwriting, and its continued evolution into a European hub for the Group.
1) This figure refers to the combined ratio including administrative expenses under the Swiss GAAP.
London
Korean Re Underwriting Limited (KRUL)
Korean Re Underwriting Limited (KRUL) was established in 2015 as a subsidiary of Korean Re and has been providing its capital to select syndicates as a corporate member of Lloyd’s. Since its beginning in the 1680s, Lloyd’s has been a pioneer in insurance and has evolved into the world’s leading market for specialist insurance over the last 300-plus years. As a market that specializes in unusual risks, Lloyd’s has built a leadership position in supplying insurance capacity for specialty lines, including satellites, terrorism, cyber, and other emerging risks.
KRUL shares the operating results of various syndicates by deploying its capacity to them. It also seeks strategic cooperation with major players in the market to monitor the latest trends in product development, pricing, and capacity throughout advanced markets. By doing so, KRUL supports Korean Re in its efforts to expand into overseas markets and strengthen its global network. Serving as Korean Re’s dedicated platform for the Lloyd’s market, KRUL invests in top-performing syndicates within this global hub for specialty risks. Through this strategic approach, KRUL effectively extends the company’s reach into niche Lloyd’s markets that are otherwise inaccessible to the headquarters directly, playing a pivotal role in Korean Re’s global market penetration.
Dubai
Our DIFC branch in Dubai, which commenced operations in January 2018, has established itself as a key platform for Korean Re’s business across the Middle East and surrounding regions. Since its inception, the branch has delivered solid and stable performance, supported by the consistent transfer of existing contracts from the head office, as well as the successful development of new business opportunities in the region.
The Dubai branch covers a broad and diverse geographic footprint, including the Middle East, Africa, Türkiye, Greece, Cyprus, and the Commonwealth of Independent States (CIS). Leveraging Dubai’s position as a regional financial and reinsurance hub, the branch has strengthened relationships with both local and international cedants, contributing to the continued enhancement of Korean Re’s brand recognition in the region.
In recent years, the branch has focused on building a well-diversified portfolio through disciplined underwriting, while supporting clients’ evolving risk management needs across regional markets. Going forward, it aims to further strengthen its presence in core markets and expand into underpenetrated markets, leveraging its technical expertise to drive sustainable growth and portfolio diversification.