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Korean Re looks to establish Lloyd's unit

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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.

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