Korean Re looks to establish Lloyd's unitPosted On: Jan. 7, 2015 12:00 AM CST
Korean Reinsurance Co. is planning to establish a subsidiary at Lloyd's of London, reported BusinessKorea.
"A local corporation will be established with the size of £10 million ($15.24 million)," said Korean Re president Won Jong-kyu.
The reinsurer "will secure a bridgehead for overseas expansion" following the establishment of the subsidiary, added Mr. Jong-kyu.
Korean Re's reinsurance premium totaled 5.986 trillion South Korean won ($5.38 billion) in the first 11 months of 2014, up 1.2% year on year.