Korean Re
News
Korean Re Received a First-Time Insurance Financial Strength Rating of A1 (Stable) from Moody’s Ratings
Korean Re has been assigned an Insurance Financial Strength Rating (IFSR) of A1 with a Stable Outlook by Moody’s Ratings, one of the world’s three major credit rating agencies. This marks the company’s first credit rating issued by Moody’s Ratings.
In its press release dated May 16, Moody’s Ratings stated that Korean Re has established a solid position in the global reinsurance market, underpinned by more than 60 years of operating history. The A1 rating with a stable outlook reflects the company’s strong market position, sound capital adequacy, and financial resilience.
Moody’s also highlighted several additional factors in its assessment, including:
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the company’s ability to maintain a robust risk profile through active portfolio management;
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its leading position in the domestic market and the stable growth potential of its overseas business; and
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the effectiveness of its comprehensive retrocession program, which significantly reduces net catastrophe losses relative to capital.
The A1 (Stable) rating is equivalent to an A+ rating under S&P’s scale and places Korean Re on par with several top-tier global reinsurers ranked among the world’s top ten. In addition to this newly obtained rating from Moody’s, Korean Re continues to maintain strong credit ratings from other major agencies, including an A (Positive) from S&P and an A (Stable) from A.M. Best.
Commenting on the achievement, Korean Re CEO Jong-Gyu Won stated, “Receiving an A1 (Stable) rating from Moody’s as our inaugural rating is a clear acknowledgment of our risk management capabilities and global competitiveness. We will continue to strengthen both profitability and financial soundness in a balanced manner as we pursue our vision of becoming a top-tier global reinsurer.”
Korean Re Relocates Headquarters to Signature Tower
Korean Re has relocated its corporate headquarters for the first time in four decades. From April 11 to 13, the company successfully completed the transition to Signature Tower, situated near Cheonggyecheon in central Seoul. The former office in Susong-dong, which had served as the company’s headquarters since 1985, is now slated for redevelopment due to its aging condition.
In the lead-up to the move, Korean Re commemorated its 62nd anniversary on March 19 by organizing a company-wide group photo in front of the Susong-dong building, capturing a symbolic and historic moment for the company. During the anniversary ceremony, CEO Jong-Gyu Won delivered remarks acknowledging the commitment and dedication of employees throughout the years:
“It is because of our colleagues who quietly and faithfully carry out their responsibilities that we can look forward to this period away from Susong-dong—and to the era ahead in our new headquarters—with pride and optimism. I extend my sincere appreciation to all who have contributed to the legacy of our Susong-dong chapter. Let us embrace this new beginning with renewed ambition and determination.”
Korean Re’s New Employee Volunteer Group Builds Disaster-Resilient Housing in Indonesia
From February 16 to 21, Korean Re's volunteer group carried out a housing construction initiative in Indonesia as part of its corporate social responsibility program. The overseas volunteer team, comprising 13 employees—including 10 newly hired staff—and 2 coordinators from Habitat for Humanity Korea, participated in reconstruction efforts in the city of Tangerang, Indonesia. Their work focused on building disaster-resilient homes for low-income residents, contributing to the improvement of living conditions in vulnerable communities.
This year, Korean Re’s overseas volunteer team focused on constructing disaster-resilient housing in the region. Disaster-resilient housing refers to structures designed to withstand natural hazards such as earthquakes and floods. The homes built with Korean Re’s involvement incorporated key architectural elements to enhance structural integrity, including foot plates—foundation slabs installed where columns and structural elements are placed—and lintel beams, which are positioned above doors and windows to ensure building stability.
The design also featured rainwater storage systems and energy-efficient ventilation, aimed at reducing electricity use by maximizing natural light and air circulation. These enhancements were thoughtfully adapted to the local environment, which is prone to frequent seismic activity and flooding.
Korean Re Hosts Client Reception in Bogotá
On April 3 (local time), Korean Re held a cocktail reception near its local office in Bogotá, Colombia. The event commenced with opening remarks by Korean Re CEO Jong-Gyu Won, and was attended by more than 50 guests, including representatives from the local insurance industry and financial authorities. Mr. Won began his speech with a greeting in Spanish, underscoring Korean Re’s commitment to fostering cooperation between the insurance sectors of Korea and Latin America.
Since its establishment in February 2020, Korean Re’s Bogotá office has served as a strategic hub for operations across Latin America and the Caribbean. The recent reception was organized to further solidify Korean Re’s presence in the regional insurance market and to strengthen relationships with local partners.
As of 2023, the Latin American insurance market is valued at approximately USD 200 billion (KRW 285 trillion) and has recorded a growth rate exceeding 10% over the past five years. Despite this progress, insurance penetration remains relatively low. With continued expansion of the middle class and rising demand for digital insurance solutions, the region is widely regarded as having substantial growth potential.
Located at the heart of Latin America, Colombia offers convenient access to both the Latin American and Caribbean markets, making it a strategically important base for Korean Re’s operations. Building on the momentum of this event, Korean Re plans to actively pursue further expansion in the Latin American market and diversify its global portfolio.
