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Korean Reinsurance Company
Korean Reinsurance Company was established in 1963 by Won Hyuk-hee, built to support Korea's post-war industrialization by absorbing domestic insurance risk...
Korean Reinsurance Company
Korean Reinsurance Company was established in 1963 by Won Hyuk-hee, built to support Korea's post-war industrialization by absorbing domestic insurance risk that international markets would not touch. The firm remains under the influence of the founding family: Won Jong-gyu serves as President and CEO, his brother Won Jong-ik is Chairman, and their mother Chang In-soon is the largest individual shareholder. The National Pension Service of Korea holds an approximately 8.45% stake, anchoring the company within Korea's institutional ecosystem. The general account portfolio is dominated by global fixed-income securities, structured to support long-duration reinsurance liabilities across property, casualty, and life lines. Korean Re has expanded its investment frontier into alternative assets, including direct real estate holdings — notably its two Seoul headquarters buildings, Signature Tower and the Korean Re Building — and a growing global alternative investment portfolio. The firm covers ceding insurers across Asia, the Middle East, and Africa, reflecting its membership in the Federation of Afro-Asian Insurers and Reinsurers (FAIR). As of 2023, Korean Re ranked among the top ten global reinsurers by gross written premiums, per S&P Global Ratings. The firm's investment team operates alongside its underwriting function, with asset allocation driven by asset-liability matching requirements rather than external investor mandates. The founding family's enduring control creates continuity in risk appetite across market cycles. Korean Re maintains a CSR Committee, channeling a portion of operating income into community initiatives without a separate philanthropic foundation structure. Korean Re's structural differentiator is its hybrid identity: a publicly listed, commercially aggressive reinsurer with founding-family governance that retains significant influence over capital allocation decisions. This configuration yields a balance of underwriting discipline and long-duration asset management uncommon in purely shareholder-driven reinsurance peers.
General information
Firm type
Insurance
Year founded
1963
Location
Region
Asia
Country
South Korea
City
Seoul
Corporate office
100 Cheonggyecheon-ro, Jung-gu, Seoul, South Korea
Additional offices
68 Jongno 5-gil, Jongno-gu, Seoul, South Korea
Principals
Won Jong-gyu
President and CEO
Won Jong-ik
Chairman of the Board
Chang In-soon
Largest individual shareholder
Sector focus
Frequently asked questions
Who controls Korean Reinsurance Company?
The founding Won family retains significant control. Won Jong-gyu, son of the late founder Won Hyuk-hee, is President and CEO. His brother Won Jong-ik is Chairman of the Board, and their mother Chang In-soon is the largest individual shareholder, per public record. The National Pension Service of Korea holds approximately 8.45% as a major institutional shareholder.
What is Korean Re's investment strategy?
The firm manages a general account portfolio built around global fixed-income assets to match long-duration reinsurance liabilities. It has steadily diversified into alternative investments, including direct real estate holdings — its two Seoul headquarters properties — and a global alternative investment portfolio. Allocation is liability-driven rather than total-return-maximizing.
How large is Korean Re in the global reinsurance market?
Korean Re consistently ranks among the top ten global reinsurance companies by gross written premiums, according to S&P Global Ratings. It is the dominant domestic reinsurer in South Korea and maintains a growing presence across Asia, the Middle East, and Africa through treaty and facultative reinsurance lines.
Does Korean Re operate philanthropic structures separate from the insurance company?
Korean Re does not maintain a separate private foundation. It operates a CSR Committee that directs a portion of operating profits to community and social initiatives within Korea, aligning corporate philanthropy with the firm's public-company status.
Is Korean Re a family office or a commercial reinsurer?
Korean Re is a publicly listed commercial reinsurance company — not a family office. However, the founding Won family retains significant board and executive control, and the firm owns direct real estate alongside its financial portfolio, giving its balance sheet some characteristics of family-influenced asset management.
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