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Insurance
Kim & Chang has been heavily involved in transactional mandates relating to the insurance industry; it acted for New York Life International on the sale of its Korean subsidiary to ACE INA Holdings, and for VOGO Asset Management in its acquisition of a 44% stake in TongYang Life Insurance for KRW480bn. It also acted for Mirae Asset Life Insurance and ING Life Insurance in the Korea Fair Trade Commission’s investigation into unfair trade practices relating to policy loans. Jay Ahn leads the team, and Woong Park, Young Hwa Paik and Kevin Todd are also recommended.
Lee & Ko’s very active insurance practice advised ACE INA Holdings in its acquisition of New York Life Korea, and Munich Re Group in its acquisition of a 65% stake in Daum Direct Auto Insurance for $58m. It also acted for Meritz Fire & Marine Insurance in connection with an insurance claim dispute. Tae Soo Jung heads the practice.
Bae, Kim & Lee LLC handles both transactional and contentious insurance matters for a prominent list of Korean and international insurers. Highlights included acting for Prudential Corporation Asia in its share acquisition of AIA, and for LIG Insurance in defending a KRW20bn claim by an owner of a warehouse in Incheon that caught fire, causing the death of 40 people. Hoo Dong Lee heads the practice.
Shin & Kim provides ‘specialist knowledge’, and the team ‘integrates well with the client’. It acts for a significant proportion of the largest insurance companies in Korea in disputes, including KDB Life Insurance, Meritz Fire & Marine Insurance, and Kyobo Life Insurance. In 2010, it acted for American Home Assurance in a D&O reinsurance dispute, and Meritz Fire & Marine Insurance in a refund guarantee dispute. Se Ryul Hong leads the practice, and Soo-Hyun Yi is ‘great at explaining the key issues succinctly’.
Yoon & Yang LLC advised LIG Insurance on the scope of exemption of D&O liability insurance claims, and acted alongside Elborne Mitchell in defending Kwangju Bank in a claim brought in the UK courts by a British shipowner in relation to an unpaid refund guarantee. Soonghee Lee heads the team.
Yulchon’s four-partner team provides advice on professional liability, D&O and property insurance for foreign and domestic clients. Practice head Young Seok Lee’s ‘knowledge and experience in professional indemnity is renowned in the insurance industry’.
Hwang Mok Park P.C.’s insurance litigation team advises a broad array of insurers, including Samsung Life Insurance, First Fire & Marine Insurance, and Prudential Life Insurance. Byung-Moon Choi is the key figure.
Kim Chang & Lee’s established client base of local insurance companies provides it with regular instructions, as do international insurers looking to establish a base in South Korea.