Korean Re
South Korea's first reinsurance company and a major Asian reinsurer with a diversified domestic and international underwriting portfolio.
Last updated August 25, 2026
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Overview
Korean Re, formally Korean Reinsurance Company, is a Seoul-based reinsurance company serving insurance markets in South Korea and abroad. Established in 1963 as a state-funded enterprise, it was created during the development of South Korea's modern insurance sector and became the country's first reinsurance company. The company was privatized in 1978 and subsequently developed from a primarily domestic market institution into an international reinsurer with business across personal and commercial lines. Its underwriting portfolio is diversified. Personal-line activities include long-term insurance reinsurance, motor reinsurance, and life reinsurance. Commercial activities include property, marine, casualty, and bond reinsurance. This breadth allows Korean Re to support primary insurers across both recurring consumer insurance risks and large or specialized commercial exposures. Its business is conducted through reinsurance arrangements with insurance companies rather than through direct retail distribution to individual policyholders. Over the decade described in the available reference material, Korean Re expanded its overseas presence. By 2015, more than 22% of its gross written premiums came from outside South Korea. Its international network included a branch in Singapore, subsidiaries in Hong Kong and London, and five international liaison offices. The overseas expansion complemented its established domestic franchise and gave the company access to property and casualty treaty business, life and long-term insurance opportunities, and other international reinsurance relationships. Korean Re's scale placed it among the leading reinsurers in Asia. In 2020, it ranked as the world's tenth-largest reinsurer by gross written premiums according to the cited Wikipedia reference. The company's 2015 gross written premiums were reported at US$5,580.2 million, an increase of 6.6% from the preceding year. The increase was attributed to stronger personal-line premium growth, particularly in long-term and life reinsurance, as well as a recovery in overseas property and casualty treaty premiums after a slower period. Credit quality has been an important part of Korean Re's institutional position. Standard & Poor's raised its rating to A from A- in 2014, following an earlier upgrade and the company's successful issuance of US$200 million in hybrid securities. The improved rating was associated with an increase in new contracts from leading insurers. Korean Re later expected net profit in 2016 to reach a new high as demand for reinsurance packages from major insurance companies increased. The brand's positioning is therefore based on reinsurance capacity, portfolio diversification, financial strength, and international reach. Rather than being identified with a single consumer-facing insurance product, Korean Re functions as an infrastructure provider for insurers, helping them transfer, diversify, and manage risks. Its historical development combines a national-market foundation with progressive overseas expansion and participation in the global reinsurance market.
History
Korean Reinsurance Company was established in 1963 as a state-funded enterprise. Its creation reflected the development of South Korea's insurance system and the need for a dedicated domestic institution capable of accepting and distributing reinsurance risk. As the country's first reinsurance company, it occupied a strategically important role in supporting the capacity of South Korean primary insurers. The company was privatized in 1978. Privatization marked an important institutional transition, moving Korean Re away from its original state-funded structure while preserving its role as a major participant in the national insurance market. In the following decades, the company built a broad underwriting platform covering both personal and commercial risks. Personal business came to include long-term, motor, and life reinsurance. Commercial lines included property, marine, casualty, and bond reinsurance. Korean Re also developed recognition beyond its home market. In October 2002, Asia Insurance Review nominated it for Reinsurance Company of the Year. In May 2010, Reinsurance Magazine selected it as Emerging Market Player of the Year. These recognitions coincided with the company's wider effort to strengthen its position in international reinsurance and demonstrate that a South Korean carrier could compete in global markets. During the decade preceding 2015, Korean Re expanded its overseas operations through a network consisting of a Singapore branch, subsidiaries in Hong Kong and London, and five international liaison offices. International business became a material component of the company's portfolio. More than 22% of gross written premiums were generated abroad in 2015, showing that Korean Re was no longer dependent solely on its domestic franchise. Overseas property and casualty treaty business was particularly important to the recovery in premium growth reported for that year. Korean Re's financial and credit profile also supported its expansion. Standard & Poor's raised its rating from A- to A in 2014. The company had previously received an upgrade after successfully issuing US$200 million in hybrid securities, its first transaction of that type according to the cited account. The stronger rating was followed by an increase in new contracts with leading insurers, illustrating the importance of financial strength and perceived security in reinsurance purchasing decisions. In 2015, gross written premiums increased by 6.6% to US$5,580.2 million. Growth came from personal business, especially long-term and life reinsurance, together with a rebound in overseas property and casualty treaties. Korean Re expected net profit in 2016 to reach a new high as major insurance companies increased demand for its reinsurance packages. By 2020, Korean Re was described as the world's tenth-largest reinsurer by gross written premiums. Its development consequently spans three broad phases: formation as a state-funded national reinsurer, privatization and diversification of its underwriting platform, and international expansion into a globally connected reinsurance business. The available sources do not provide enough information to document later corporate developments, current management, or detailed operating results beyond the periods described above.
- 2020
Ranks tenth among global reinsurers
[1]Korean Re is ranked as the world's tenth-largest reinsurer by gross written premiums.
- 2015
International business exceeds one-fifth of premiums
[1]More than 22% of gross written premiums are generated outside South Korea, reflecting the company's international expansion.
- 2014
Credit rating upgraded to A
[1]Standard & Poor's raises Korean Re's rating from A- to A.
- 2010
Emerging Market Player of the Year
[1]Reinsurance Magazine selects Korean Re as Emerging Market Player of the Year.
- 2002
Reinsurance Company of the Year nomination
[1]Asia Insurance Review nominates Korean Re for Reinsurance Company of the Year.
- 1978
Privatization
[1]Korean Re is privatized after its initial period as a state-funded institution.
- 1963
Korean Re is established
[1]Korean Reinsurance Company is founded as a state-funded enterprise and becomes South Korea's first reinsurance company.
Products and positioning
A diversified South Korean reinsurer combining a leading domestic franchise with international underwriting capacity.
Personal lines
Long-term insurance reinsurance
Korean Re's long-term insurance reinsurance supports primary insurers covering policies with extended durations. It is part of the company's personal-business portfolio and was identified as one of the contributors to premium growth in 2015.
Personal lines
Motor reinsurance
Motor reinsurance is one of Korean Re's personal-line activities. The available sources identify it as a core category but do not describe specific policy structures, distribution arrangements, or product names.
Personal lines
Life reinsurance
Life reinsurance forms part of Korean Re's diversified personal-business portfolio. Life-related premium growth was cited as one factor behind the company's stronger gross written premiums in 2015.
Commercial lines
Property reinsurance
Property reinsurance supports insurers transferring exposure from commercial and other property risks. Korean Re's property activity includes domestic and overseas business, with overseas property treaties contributing to the recovery in premium income reported for 2015.
Commercial lines
Marine reinsurance
Marine reinsurance is included in Korean Re's commercial underwriting portfolio. The reference material does not specify individual marine products, territories, or contract formats.
Commercial lines
Casualty reinsurance
Casualty reinsurance is a commercial-line offering through which Korean Re participates in insurers' liability and related risk-transfer programs. Overseas property and casualty treaty business was specifically associated with the company's 2015 premium recovery.
Commercial lines
Bond reinsurance
Bond reinsurance is listed among Korean Re's commercial lines. The available sources confirm the category but do not provide further details about covered instruments or underwriting arrangements.
Controversies
2019
Korean Re sued KB Securities and JB Asset Management over the JB Australia NDIS Fund
Korean Re filed a damages claim against KB Securities, the fund's seller, and JB Asset Management, its manager, relating to alleged fraud involving the JB Australia NDIS Fund and a local borrower's breach of contract.
Brand decisions
2015
Expansion of international underwritingStrategyBackground
Korean Re sought to reduce reliance on the South Korean market and build a broader global underwriting platform.
Action taken
The company expanded its overseas network through a Singapore branch, subsidiaries in Hong Kong and London, and five international liaison offices.
Aftermath
More than 22% of gross written premiums came from abroad in 2015, while overseas property and casualty treaty premiums helped support overall growth.
2015
Premium growth driven by personal and overseas treaty businessOtherBackground
Gross written premium growth had slowed during the previous two years.
Action taken
Korean Re increased underwriting activity in personal lines, particularly long-term and life reinsurance, while benefiting from a rebound in overseas property and casualty treaties.
Aftermath
Gross written premiums increased by 6.6% to US$5,580.2 million, and the company expected net profit in 2016 to reach a new high.
Gross written premiums. US$5,580.2 million (2015; reported as a 6.6% year-on-year increase)
2014
Hybrid securities issuance and credit-strengthening programOtherBackground
Reinsurance counterparties place importance on a company's capital position and financial strength. Korean Re had also received an earlier rating increase before this period.
Action taken
Korean Re issued US$200 million in hybrid securities, its first such issuance according to the cited reference, and Standard & Poor's subsequently raised its rating from A- to A.
Aftermath
The higher rating was associated with an increase in new contracts from leading insurers.
Hybrid securities issued. US$200 million (Before the 2014 Standard & Poor's upgrade)
1978
Privatization of the state-funded reinsurerStrategyBackground
Korean Re had operated since 1963 as a state-funded enterprise and occupied a central position in South Korea's developing reinsurance market.
Action taken
The company was privatized.
Aftermath
The available reference material does not quantify the immediate financial or ownership consequences, but Korean Re continued to operate as a major South Korean reinsurer and later expanded internationally.
Recent events
- 2020
Korean Re ranks among the world's largest reinsurers[1]
Other
Korean Re ranked tenth globally by gross written premiums according to the cited reference material.
- 2015
Korean Re reports stronger gross written premiums[1]
Other
Gross written premiums rose 6.6% to US$5,580.2 million, supported by personal lines and a recovery in overseas property and casualty treaty premiums.
- 2014
Standard & Poor's raises Korean Re rating to A[1]
Other
Standard & Poor's raised Korean Re's credit rating by one notch, from A- to A, after an earlier upgrade and a capital-raising transaction involving hybrid securities.
- 2010
Korean Re named Emerging Market Player of the Year[1]
Other
Reinsurance Magazine selected Korean Re as Emerging Market Player of the Year in May 2010.
- 2002
Korean Re receives Reinsurance Company of the Year nomination[1]
Other
Asia Insurance Review nominated Korean Re for Reinsurance Company of the Year in October 2002.
Sources4 sources
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