The Korean reinsurance market may be receiving a shakeup, with KDB Life Insurance’s planned transformation into a reinsurer bringing more competition for dominant player Korean Re.
JC Partners, which recently emerged as the frontrunner to acquire KDB Life, plans to transition the company into the reinsurance business. The move would place KDB Life in direct competition with Korean Re, according to a report by The Korea Times.
The report, citing industry sources, said that JC Partners will acquire KDB Life for KRW550 billion (US$458 million). The buyer will take advantage of the loosening up of several reinsurance regulations in the
