South Korea's sole reinsurer Korean Re is seeking to set up a local entity in Switzerland to gain ground in the European reinsurance market, which is the world's second biggest.
The company said that it aims to start operations at its Zurich branch in June 2019. This will be its second outpost in Europe after its Lloyd’s subsidiary in London, reported Pulse News.
“The Swiss entity will play a huge role in boosting our premium volume in Europe from the current US$200 million to more than US$300 million by 2025,” said a Korean Re official.
Korean Re is seeking to expand its overseas presence. It said it is also awaiting approval from the Chinese authorities for its Shanghai entity, for which it filed an application in November 2014.