LK Re sets up shop in Singapore

LK Re, the reinsurance arm of South Korean LK Insurance Services, has opened a new office in Singapore, after it secured its general reinsurance broker licence from the Monetary Authority of Singapore in November 2021.

LK Insurance Services is South Korea’s second-largest insurance brokerage, in terms of premium volume.

The move advances LK Re’s expansion efforts in Southeast Asia, which is one of the fastest-growing reinsurance markets. The Singapore office will act as a hub for the LK Group of companies to serve the regional reinsurance needs of its clients. In 2020, the company established LK Vietnam Insurance Broker Company in Ho Chi Minh City, making it the first South Korean insurance broker to set up an operation in Vietnam.

Kim Hyung-kul (pictured above), chief executive officer of LK Re, delivered the opening speech at the office’s inauguration ceremony, which was attended by 180 people.

“Singapore’s well-connected nature as a gateway market for the global reinsurance industry is a perfect fit for our group,” Kim said. “As Korean companies are expanding their presence rapidly across the region, this move puts us in a good position to respond to the corresponding growing demand from the region’s insurers for insights into Korean companies and industries. Having a base in Southeast Asia will also allow us to optimise our offerings to Korean insurance companies in the region.”

LK Re currently has eight employees in Singapore, and it aims to expand its team and double its revenue in the next three to five years. The company has an exclusive risk engineering partnership with Zurich Insurance and is an affiliate of the Brokerslink Network.