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Summary: Korean Reinsurance Co.
Standard & Poors, May 2011
Abstract
The rating on Korean Reinsurance Co. (Korean Re; A-/Stable/--) is based on the company's very strong domestic market position, stable operating performance, and good quality investment portfolio. The constraining factors are its relatively moderate capitalization compared to its major global peers, and a history of volatile underwriting performance in its overseas business. Korean Re is the only domestic reinsurance company in Korea, affording it a very strong market position. The company had enjoyed a statutory monopoly of local market proportional treaties, but this monopoly was abolished in 1997. Nevertheless, it maintains a market share of about 65% in the domestic reinsurance market, mainly as a result of the company's efforts to provide reasonable rates and appropriate reinsurance coverage. Although the...
Companies mentioned in this report are: Korean Reinsurance Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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