Insurance: local firms in South Korea

Kim & Chang

Kim & Chang's insurance team's core areas of focus include regulatory, licensing and general commercial issues. Jay Ahn is a key figure and focuses on transactions and regulatory mandates. Hyun Wook Shin is also very active in advising on regulations and commercial matters, as is Joon Young Kim. The team has recently been boosted with the arrival of Stephane Min Gyu PARK  from Prudential Life Korea.

Practice head(s):

Jay Ahn 

Other key lawyers:

Hyun Wook Shin;  Stephane Min Gyu Park

Testimonials

‘Kim & Chang is good at advising on complex and difficult issues.’

‘The team can offer effective alternatives due to its long-standing experience.’

‘There is an extensive network of professional within firm that clearly identifies the position or required matters of regulators.’

Very systematic and precise.’

Key clients

Orange Life

LINA Korea

MetLife Korea

Prudential Life Korea

Samsung Fire & Marine

Hyundai Marine & Fire

Korean Re

ABL Life

Samsung Life

Kyobo Life

Work highlights

  • Represented MBK Partners in its sale of 59.15% stake in Orange Life Insurance.
  • Acted as legal counsel for plaintiff in lawsuits between policyholders and life insurers regarding immediate annuities.
  • Legal counsel for Swiss Reinsurance Company in transferring of existing reinsurance business to a newly established Korea branch of Swiss Re Asia Pte. Ltd.

Lee & Ko

Lee & Ko's broad practice includes advising on regulations and transactions, as well as representing clients on contentious issues. Jin Hong Kwon is one of three practice heads and has extensive experience in advising on regulatory compliance. Fellow practice head John JungKyum Kim is particularly skilled in advising international clients and works on advisory, transactional and contentious issues. Also leading the team Jae Hwan Kim, who focuses on corporate and commercial insurance matters. Other important members of the team include Jin-Young Jung, who specialises in maritime insurance; Chongsu Seo, who is well known for acting on behalf of insurers in claims issues; and Sae Um Kim, who advises on regulations and insurance claims.

Practice head(s):

Jin Hong Kwon; John JungKyum Kim; Jae Hwan Kim

Other key lawyers:

Jin-Young Jung; Chongsu Seo

Key clients

ABL Life Insurance Co., Ltd., formerly known as Allianz Life Insurance Co., Ltd

Ace American Fire Marine Insurance Co., Ltd (Korea Branch)

AIA Group Limited (AIA Korea)

AIG (American International Group) Insurance Co., Ltd.

Aon Korea Inc.

Aon Singapore Pte. Ltd.

Aon PLC

Arch MI Asia Limited

Berkley Re

BNP Paribas Cardif General Insurance Co., Ltd.

Chubb Life Insurance Co., Ltd.

CNA Hardy

Compagnie Française d’Assurance pour le Commerce Extérieur

Corstone Asia

DB Insurance Co., Ltd.

DB Life Insurance Co., Ltd.

Euler Hermes Hong Kong Services Limited

Euler Hermes Korea Non-Life Broker, Co., Ltd.

General Insurance Association of Korea

General Reinsurance Corporation

Hanjin Busan Newport Co., Ltd.

Hanwha General Insurance Co., Ltd.

Heungkuk Fire Marine Insurance Co., Ltd.

Heungkuk Life Insurance

Hyundai Life Insurance Co., Ltd.

Hyundai Marine and Fire Insurance Co., Ltd.

ING Life Insurance Co., Ltd.

Jardine Lloyd Thompson (JLT) Asia

KB Insurance Co., Ltd.

Korea General Insurance Association

Korea Life Insurance Association

Work highlights

  • Advised SK E&C on insurance coverage regarding the collapse of a dam in Laos during construction.
  • Represented K-Sure in KRW 23bn export credit guarantee claim.
  • Advised Samsung Life for an FSS Inquiry into consumer complaints on immediate annuities
  • Advised Samsung Fire & Marine Insurance on the insurance aspects behind approximately 82,000 Samsung Galaxy Note 7 phones being destroyed in a fire incident in a warehouse owned and operated by Samsung Electronics Taiwan.
  • Defended Berkley Re in relation to claims made from an explosion of lithium batteries in the US.

Bae, Kim & Lee LLC

Led by Jong Ku Kang and Jaiyoung KimBae, Kim & Lee LLC represents both international and domestic insurers across a range of contentious and non-contentious mandates. Kang advises on regulations, insurance claims and the asset management of insurance companies, whereas Kim is highly experienced in handling regulatory compliance and investigations. Another key member of the team is Jong Min An, who also advises on insurance regulations.

Practice head(s):

Jong Ku Kang; Jaiyoung Kim 

Other key lawyers:

Jong Min An

Key clients

DB Insurance Co., Ltd.

Meritz Fire & Marine Insurance Co., Ltd.

SGI Seoul Guarantee Insurance

Axa General Insurance Co., Ltd

Hanwha Life Insurance Co., Ltd.

NongHyup Property & Casualty Insurance Co., Ltd

Korea Trade Insurance Corporation (“Ksure”)

KB Insurance Co., Ltd

Mirae Asset Life Insurance

Samsung Life Insurance

Samsung Fire & Marine Insurance

Mirae Asset Life Insurance

Work highlights

  • Represented DB Insurance Co., Ltd and other joint underwriters (collectively, “Insurers”) in relation to arbitration and court proceedings concerning payment of insurance proceeds under an erection all risks policy.
  • Assisted Samsung C&T wit the recovery of damages suffered due to a fire accident, via claiming under the insurance policy and court proceedings.
  • Provided legal advice in relation to the life insurance products sold by Orange Life Insurance.
  • Represented KDB Life Insurance and 6 other financial institutions in relation to the investments made by them as part of their asset management in equity funds concerning real estate.
  • Defended  GS Caltex Corporation and its insurer, KB Insurance Co., Ltd against claims which arose form a major oil spillage.

Shin & Kim

Shin & Kim 's insurance team is well versed in advising on regulatory issues and also acts on a range of disputes. Soo Hyun Lee co-heads the practice and is most notably skilled in handling transactions involving insurance companies. Also leading the team is Chan-Mook Jung, who is very active in contentious issues and advisory work. Sang Mi Baek is another key figure and primarily advises on insurance regulations.

Practice head(s):

Chan-Mook Jung; Soo Hyun Lee 

Other key lawyers:

Sang Mi Baek

Key clients

Samsung Life Insurance

Kyobo Life Insurance

Hanwha Life Insurance

NongHyup Life Insurance

Samsung Fire Insurance

KDB Life Insurance

Heungkuk Life Insurance

AIA Life Insurance

BNP Paribas

Cardif General Insurance

Tongyang Life Insurance

Nonghyup Property & Casualty Insurance

KB Life Insurance

Hyundai Marine & Fire Insurance

DB General Insurance

Fubon Hyundai Life Insurance

General Insurance Association of Korea

Hana Life Insurance

Hungkuk Fire & Marine Insurance

Korea Life Insurance Association

AIG Korea Inc.

BNP Paribas

Cardif Life Insurance

KB Insurance Co., Ltd.

Work highlights

  • Advised General Insurance Association Of Korea and Korea Life Insurance Association on how local law compares with foreign jurisdictions.
  • Defended Volkswagen Financial Service Korea in a lawsuit brought in relation to the new vehicle replacement program.
  • Advised BNP Paribas Cardif Life Insurance on the credit reliance service insurance product.
  • Assisted AIG with making its tax liability insurance policy adhere to local regulations.
  • Acted for NongHyup Property & Casualty Insurance on regulatory issues pertaining toThe Special Act on Financial Innovation Support.

Yulchon

Yulchon's fast-growing insurance and reinsurance practice has gained momentum since 2012, with it increasingly being sought out to advise on regulatory issues, M&A, corporate restructurings, claims coverage, tax, insolvencies and competition. In addition, insurance-related disputes are another mainstay of the practice. Young Su Shin, who heads up the team, has over 18 years of experience of the insurance arena. Managing partner Hee Woong YoonDoil Son and Sung Wook Eun are among other notable individuals in the group. Hyeon Hwa Shin and Yun Jae Baek are also recommended. The team is currently assisting Lotte Group with the sale of Lotte Insurance. In 2018, a highlight involving assisting Samsung Fire & Marine Insurance with preparing the first cyber-insurance policy package in English ever to be developed for sale in Korea.

Practice head(s):

Young Su Shin;

Other key lawyers:

Hee Woong Yoon; Doil Son; Sung Wook Eun

Key clients

ACE European Group

Chubb Group pf Insurance Companies

Korean Reinsurance

Mirae Asset Life Insurance

Korea General Insurance Association

Korea Life Insurance Association

Dongbu Insurance

Dongbu Life Insurance

Seoul Guarantee Insurance

Lotte Insurance

Hanwha General Insurance

MetLife

KB Life Insurance

KB Insurance

Meritz Insurance

KDB Life Insurance

LIG Insurance

Samsung Life Insurance

Financial Supervisory Service / Financial Services Commission (Korean Government)

Samsung Fire & Marine Insurance

Kyobo Life Insurance

Tongyang Life Insurance

Korea Insurance Institute

Korean Fire Protection Association

Work highlights

  • Acted for Samsung Life Insurance in an administrative dispute brought by life insurance policyholders.
  • Advised Korea Life Insurance Association on the excessively high loss rate of indemnity insurance.
  • Acted for AIG Insurance Hong Kong Limited in the first insurance claim in Korea where W&I insurance claims were filed.

Yoon & Yang LLC

Yoon & Yang LLC is regularly instructed by international insurers to defend high-value insurance claims. Soonghee Lee leads the practice and focuses primarily on insurance disputes. Other notable names include Myung Soo Lee, who focuses on regulatory issues, and Hwang Lim Jang, who is an expert in corporate matters.

Practice head(s):

Soonghee Lee 

Other key lawyers:

Myung Soo Lee; Hwang Lim Jang

Key clients

AIA Life Insurance Co., Ltd.

Samsung Life Insurance Co., Ltd.

Kyobo Life Insurance Co., Ltd.

KB Insurance Co. ,Ltd.

AIG Korea Inc.

Work highlights

  • Represented KB Insurance in a lawsuit where a return of agency fees is claimed against BC Card, the insurance agency.
  • Acted for KEB Hana Bank’s claim for payment under export insurance against Korea Trade Insurance Corporation
  • Advised KEB Hana Bank on its overseas business credit insurance claim against Korea Trade Insurance Corporation involving a project financing loan.
  • Represented AIA Life Insurance in a lawsuit seeking the nullification of the termination of an insurance contract on the grounds that it failed to fully explain the terms and conditions.
  • Defended Atlas Copco Korea against a subrogation claim by Hyundai Marine & Fire Insurance in relation to factory fire on the client’s premises.