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South Korea: Dongbu Insurance teams up with North American giants

Source: Asia Insurance Review | Mar 2015

One of the largest non-life insurers in South Korea, Dongbu Insurance, has formed a US$200 million joint investment fund with MetLife and Manulife Financial to expand its foreign investment portfolio.
The Korean insurer has partnered with Manulife Financial in a US$100-million joint investment fund to finance infrastructure and real estate in the US and Europe. Dongbu Insurance will invest in assets that Manulife Financial will choose to be included in their joint fund’s portfolio, reported Korea Bizwire quoting investment banking industry experts.
Dongbu Insurance, which ranks near the top of Korean insurers in terms of assets and financial soundness, is also said to have formed a US$100-million joint investment fund with MetLife, with the two companies currently targeting infrastructure projects.
According to an industry expert, partnering with globally prominent insurance companies like Manulife and Metlife would provide opportunities to invest in assets that Korean companies do not normally have access to.
Dongbu Insurance has been investing in alternative assets globally. The company has been especially keen on entering commitments for senior secured credit facilities to finance real estate and aircraft, investing KRW40 billion (US$37 million) in a resort town in Los Angeles and KRW60 billion (US$55 million) in a British company’s dormitory development projects.
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