Beazley and Korean Re announced a partnership to develop business together and to establish a special purpose syndicate at Lloyd’s, Syndicate 6050.
Under the agreement, Syndicate 6050 will write a whole account quota share of Beazley Syndicates 623 and 2623 and Beazley will take a quota share of Korean Re’s commercial lines book. This equates to a reinsurance swap of approximately $20 million in gross premium between Beazley and Korean Re.
The agreement envisages Beazley embedding products with Korean Re to distribute through their domestic distribution channels. Furthermore, it will provide Korean Re access to the Lloyd’s market.
In addition to the quota share agreement, the two organizations will implement a program of employee secondments to help build experience in their respective markets along with exploring joint product development opportunities.
Beazley CEO Andrew Horton said: “Korean Re is a top ten global reinsurer and we are pleased to be partnering with them in this special purpose syndicate. Korean Re is the dominant reinsurer in South Korea and an excellent partner for distributing Beazley products in Asia. We hope this collaboration will enable Beazley to write more business in Asia and enable Korean Re to develop a track record at Lloyd’s.”
Korean Re CEO Jong-Gyu Won said: “I am very pleased to have signed this cooperation agreement with Beazley. I expect our partnership to create exciting synergies for the mutual growth of our two companies based on Beazley’s extensive experiences in the international market and Korean Re’s long-standing presence and expertise in Asia.”
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