Zurich – The reinsurer Korean Re intends to open a branch in Switzerland in a bid to expand its presence in Europe, according to a media report.
The Zurich branch should start operations in June 2019, according to a report on the news website Pulse News. The move will allow South Korea’s sole reinsurer to strengthen its presence in Europe.
“The Swiss entity will play a huge role in boosting our premium volume in Europe from the current $200 million to more than $300 million by 2025,” a Korean Re official is quoted in the article.
Europe is the second largest reinsurance market in the world after North America, and Switzerland is “at the centre of Europe’s reinsurance industry”, according to the article. The Zurich branch will be Korean Re’s second in Europe after its subsidiary in London.
Korean Re is pursuing an expansion strategy, which includes plans to open a branch in Shanghai.