HONG KONG — March 31, 2003. inreon, the reinsurance industry’s online marketplace, has announced a further expansion of its operations in Asia with two of the region’s leading reinsurers agreeing to write business via the platform. Both Korean Re and China International Re have signed membership agreements in order to begin trading.
Founded in 1963 Korean Re is today one of Asia’s largest reinsurance groups. For the year ending 2001 Korean Re’s net premium written was Korean Won 1,236,059m (approx US$ 925m).
China International Re is a wholly owned subsidiary of China Insurance International Holdings. In 2001 the Hong Kong- based company recorded an increase of more than 35% in non-life non proportional reinsurance premium income to HK$ 197,704,752 (approx US$ 23.3m). Proportional income also rose in excess of 15% to HK$ 613,973,194 (approx US$ 78.7m).
News of the two reinsurers’ support follows a recent growth in inreon’s activities to cover Japan with Sompo Japan becoming the first company from the world’s second largest insurance market to join the platform. Training has now been completed with underwriters from Sompo Japan Re, the reinsurance arm of Sompo Japan and the company has already begun receiving its first risk submissions via inreon.
“The potential benefits of Internet-based reinsurance trading have been greeted with great enthusiasm in Asia.” commented Kaj Ahlmann, Chairman and Chief Executive Officer of inreon.