Rising Stars

Firms To Watch: Insurance: local firms

The insurance and reinsurance team at Dentons Lee was established in February 2023 with the arrival of team co-heads John JungKyum Kim from Shin & Kim, and Christina Jiwon Park from Korean Re.

Insurance: local firms in South Korea

Kim & Chang

Jay Ahn leads the insurance team at Kim & Chang, which is experienced in advising on a range of insurance, regulatory and licensing matters. The group acts for a client base of insurance, reinsurance and brokerage companies across the country. Ahn has notable expertise in acting for US-based companies, also a key area of strength for Jae Ho Baek. Hyun Wook Shin is particularly experienced in handling issues concerning sanctions and criminal investigation. Joon Young Kim leads the e-finance and fintech group.

Practice head(s):

Jay Ahn


Other key lawyers:

Jae Ho Baek; Hyun Wook Shin; Joon Young Kim


Testimonials

‘The team is composed of experienced and highly skilled lawyers with a deep understanding of the law. They have a proven track record of success in a wide range of legal matters. They are committed to providing their clients with the highest quality legal representation. They are approachable and client-oriented. They are constantly innovating and looking for new ways to improve their services.’

‘They are the best lawyers in the Republic of Korea with their outstanding career and skills, endless enthusiasm and perseverance, respect for clients and excellent communication skills.’

Key clients

Samsung Life Insurance Co., Ltd.


Samsung Fire & Marine Insurance Co., Ltd.


AIA Life Insurance Co. Ltd.


LINA Life Insurance Company of Korea


ACE American Fire Marine Insurance Co., Ltd. Korea Branch


Hyundai Marine and Fire Insurance Co., Ltd.


Korean Reinsurance Company


KB Life Insurance


Shinhan Life Insurance Co., Ltd.


AIG (American International Group) Korea Inc.


Work highlights


  • Acted for a life insurance company in a lawsuit filed by policyholders concerning a dispute over the amount of annuity payment owed under the policy.
  • Represented Hyundai Marine & Fire Insurance in a claim brought under a hospital indemnity insurance regarding cataract surgery.
  • Advised a major U.S. insurance company on obtaining regulatory approval to become the largest shareholder of a Korean life insurance company.

Lee & Ko

Lee & Ko‘s insurance and reinsurance practice is led by Jin Hong Kwon, who is also a member of the firm’s financial services and compliance division. The team is experienced in assisting insurers with formation and licensing matters, both on a domestic and international basis. Jin Young Jung is particularly noted for his expertise in advising on insurance matters within the shipping, energy and natural resources sectors. Sae Um Kim is a key practitioner.

Practice head(s):

Jin Hong Kwon


Other key lawyers:

Yeongseog Jeong; Jin Young Jung; Sae Um Kim; Yang Ho Yoon


Testimonials

‘The team has a lot of experience and self-motivated lawyers.’

‘All individuals are self-motivated, and all individual team members communicate closely with customers to investigate, research, and present opinions extensively to meet their needs.’

‘Lee&Ko is very prompt on every response, and their legal advice does not put on airs, but instead is straight-forward for their client in a practical way. ’

‘Jin Hong Kwon’s reputation as an insurance expert is well-deserved and he consistently stays up-to-date with the latest insurance trends and developments. His commitment to clients is remarkable, as he acts promptly and responsibly whenever required. His trustworthiness is further reinforced by his agility and sense of duty.’

‘Lee & Ko have in-depth knowledge and provide high quality advice. They are always readily available and have proven that they can work under tight turnaround. Lee & Ko boasts an excellent group of lawyers with an all-around attention to detail who offer pragmatic, creative solutions to our problems at competitive rates/fees. Lee & Ko is unquestionably a top tier law firm in the field of insurance, with an exceptional value for money and a wide range of highly qualified experts to cover all the fields our business requires.’

‘Jin Hong Kwon is very well-versed in insurance matters and always provides comprehensive and thoughtful advice. He is extremely easy to work with, knows the nuances of business and his knowledge in this field is wide and deep. Jin Hong is hardworking, prompt and efficient, always putting his knowledge to application for the practical benefit of his clients.’

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.


Allianz SE, Singapore Branch


Allied World Assurance Company Ltd.


Aon Korea Inc.


Aon PLC


Aon Singapore Pte. Ltd.


Apple Europe Limited


Arch MI Asia Limited


Arthur J. Gallagher & Co.


Assicurazioni Generali S.p.A. (Hong Kong)


AXA Life Insurance Co., Ltd.


Berkley Re


BNP Paribas Cardif General Insurance Co., Ltd.


BNP Paribas Cardif Life 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.


FM Global


Fubon Hyundai Life Insurance Co., Ltd.


Fusion Specialty Insurance Pty Ltd


General Insurance Association of Korea


General Reinsurance Corporation


Hanjin Busan Newport Co., Ltd.


Hannover Re Malaysia


Hanwha General Insurance Co., Ltd.


Hanwha Life Insurance Co., Ltd.


Heungkuk Fire Marine Insurance Co., Ltd.


Heungkuk Life Insurance


Hyundai Marine and Fire Insurance Co., Ltd.


Jardine Lloyd Thompson (JLT) Asia Limited (now known as Marsh)


KB Insurance Co., Ltd.


Korea General Insurance Association


Korea Life Insurance Association


Korea Shipping Association


Korea Trade Insurance Corporation


Korean Reinsurance Company


Kyobo Life Insurance Co., Ltd.


LG Energy Solution


LINA Life Insurance Company of Korea


Meritz Fire & Marine Insurance Co., Ltd.


MetLife Insurance Co., Ltd.


Mirae Asset Life Insurance Co., Ltd.


Munich Reinsurance Company, Korea Branch


Pacific Life Re


POSCO Engineering & Construction Co., Ltd.


RGA Reinsurance Company


Samsung Fire & Marine Insurance Co., Ltd.


Samsung Life Insurance Co., Ltd.


Seoul Guarantee Insurance Corporation


Shinhan Life Insurance Co., Ltd.


SK Engineering & Construction Co., Ltd.


Sompo Japan Nipponkoa Insurance Inc.


Swiss Reinsurance Company Ltd.


Tokio Marine & Nichido Fire Insurance Co., Ltd.


Zurich Insurance Group


Zurich Life Insurance(Hong Kong)


Work highlights


  • Represented Kyobo Life Insurance in appeal proceedings concerning an insurance claim dispute involving immediate annuities lodged by a group of policyholders.
  • Advised on the legislation process for regulating actuaries for the Institute of Actuaries of Korea.
  • Assisted with an M&A transaction involving the sale of stocks issued by a large insurance agency to a subsidiary of Hanwha Life Insurance Co., Ltd.

Bae, Kim & Lee LLC

Bae, Kim & Lee LLCstands out in the market due to its strong sense of responsibility and efficiency’. Jaiyoung Kim leads the team, which is strong in advising leading Korean and multinational insurers and reinsurers on a range of regulatory issues and asset management concerns. The practice is also noted for its growing expertise in assisting with financial supervisory authorities’ investigations and sanctions, a recognised core pillar of Kim's workload. Jong Min An is a key name for advising on regulatory matters. Dal Jae Park is a name to note.

Practice head(s):

Jaiyoung Kim


Other key lawyers:

Jong Min An; Soo Hyun Kim; Dal Jae Park


Testimonials

‘Not only do they provide answers to legal issues, but they also provide detailed opinions on the overall process, including background, related knowledge, and effects.’

‘BKL have repeatedly shown that they understand the industry based on which they have always provided solid advice. A definite plus is the accuracy and precision of their analysis.’

‘BKL stands out in the market. While some firms struggle with heavy workloads, BKL’s dedication and promptness make a significant difference, contributing to heightened client satisfaction.’

‘Jong Min An has expertise in the field of insurance which is truly commendable. Jong Min consistently keeps himself well-informed about the latest developments and trends in the insurance industry. His dedication to his clients is truly remarkable, he consistently responds promptly and responsibly whenever the need arises. His reliability is further reinforced by his agility and strong sense of duty.’

Key clients

Carrot General Insurance


DB Insurance


Hanwha General Insurance


Hyundai Marine & Fire Insurance


Kakao Pay


KB Insurance


Meritz Fire & Marine Insurance


NongHyup Life Insurance


Samsung Fire & Marine Insurance


Shinhan Financial Group


Work highlights


  • Defending Samsung Fire & Marine Insurance and five other insurance companies in a lawsuit filed by drivers who are seeking compensation after payment of deductibles, in respect of damage caused by car accidents.
  • Advised Hanwha General Insurance on an REIT to be established by Hanwha Asset Management.
  • Advised mobile payment service provider Kakao Pay on obtaining an approval for a general insurance business filed by the client.

Shin & Kim

The insurance team at Shin & Kim counts regulatory compliance and transactional matters as key strengths, and regularly assists insurers, reinsurers, brokers and agents. Working closely with the firm’s litigation department, the group fields expertise in advising on business interruption and professional liability matters. Ji Hoon Kim is well versed in life insurance issues.

Other key lawyers:

Se Ryul Hong; Ji Hoon Kim


Key clients

Samsung Life Insurance Co., Ltd.


AIG Insurance Company


Chubb Limited


Lockton Overseas Limited


General Insurance Association of Korea


DB Insurance Co., Ltd.


Mirae Asset Life Insurance


KB Insurance Co., Ltd.


Manufacturers Life Insurance Company, Bermuda branch


Samsung Life Insurance Co., Ltd.


Yulchon

The insurance team at Yulchon is jointly led by Young Su Shin, who is also recognised for his corporate and financial expertise, and Hyeon Hwa Shin. The group has a solid track record in assisting the country's major financial regulators, bolstering the department's strength in handling regulatory reviews for insurance clients. Additionally, the team fields expertise in advising on insurance disputes and insurance and reinsurance arrangements.

Practice head(s):

Young Su Shin; Hyeon Hwa Shin


Testimonials

‘Yulchon’s insurance team offers very practical and helpful advice.’

‘Young Su Shin is one of the most prominent legal practitioners in the Korean insurance industry. He has amazing in-depth expertise on insurance matters.’

Key clients

Chubb Insurance


Korean Reinsurance


Mirae Asset Life Insurance


Korea General Insurance Association


Korea Life Insurance Association


DB Insurance Co., Ltd.


DB Life Insurance Co., Ltd.


Seoul Guarantee Insurance Company


Lotte Insurance Co., Ltd.


Hanwha Insurance Co., Ltd.


Hanwha Life Insurance Co., Ltd.


MetLife Insurance Co., Ltd.


KB Life Insurance Co., Ltd.


KB Insurance Co., Ltd.


Meritz Fire & Marine Insurance Co., Ltd.


KDB Life Insurance Co., Ltd.


Samsung Life Insurance Co., Ltd.


Financial Supervisory Service / Financial Services Commission (Korean Government)


Samsung Fire & Marine Insurance


Kyobo Life Insurance Co., Ltd.


Tongyang Life Insurance Co., Ltd.


Korea Insurance Institute


Hanwha Life Financial Service


ABL Life Insurance Co., Ltd.


Work highlights


  • Advised Samsung Life Insurance on its purchase of a minority interest in Meridiam SAS, a French infrastructure investment manager.
  • Advised KB Financial Holding Company’s Wholly Owned Subsidiaries, KB Life Insurance and Prudential Life Insurance on a merger.
  • Advised on the acquisition of People Life by Hanwha Life Financial Service.

Jipyong LLC

Jipyong LLC‘s insurance team advises high-profile domestic insurance companies on a wide range of matters, from the interpretation of insurance contracts to entry into foreign markets. InsurTech, combining AI and blockchain and fintech technologies, is an area of growth for the practice. Byoung Moon Choi heads up the department, and has solid expertise in financial regulation issues.

Practice head(s):

Byoung Moon Choi


Testimonials

Excellent information and experience about the insurance industry.’

Key clients

Samsung Fire & Marine Insurance


International Adjusters & Surveyors, Hyundai Marine & Fire Insurance, and Incok Loss and Average Adjusters


Hanwha Life Insurance, Samsung Fire & Marine Insurance, and Postal Insurance


KB Insurance, Samsung Fire & Marine Insurance


Nonghyup Life Insurance, Nonghyup Property and Casualty Insurance, and DGB Life Insurance


Shinhan Life Insurance


Korea Trade Insurance Corporation


Samsung Fire & Marine Insurance


Work highlights


  • Advised a client in a case where a decision was made that a death as a result of a drug overdose does not constitute an ‘accidental death’ for the insurer.
  • Advised the client on matters relating to the proportional distribution of defense costs for directors and officers’ liability insurance.
  • Represented clients in multiple cases involving disputes over the effectiveness of insurance policies.

Yoon & Yang LLC

The insurance team at Yoon & Yang LLC fields expertise in advising on insurance matters involving regulatory issues, as well as licensing mandates and contentious work. Cross-border insurance litigation and arbitration is prominent in the department’s workload, with the practitioners acting for Korean and international insurers in this space. Chongsu Seo stands out as ‘excellent‘ in marine insurance work. Other key members of the team include Hyun Suk Jung, Hwang Lim Jang, and Hwan Jun Heo.

Practice head(s):

Hwan Jun Heo; Chang Hun Han


 


Other key lawyers:

Hyun Suk Jung; Hwanglim Jang; Chongsu Seo


Testimonials

Very experienced team on insurance and reinsurance matters.’

‘Chongsu Seo is excellent for marine insurance matters.’

Key clients

Hanwha Life Insurance Co., Ltd.,


Hanwha Life Financial Services


Hanwha General Insurance Co., Ltd.


KB Insurance Co.,Ltd.


Samsung Fire & Marine Insurance Co., Ltd.


Samsung Life Insurance Co., Ltd.


DB INSURANCE CO., LTD.


AIG Korea Inc.


Tong Yang Life Insurance Company


FITPET


NongHyup Life Insurance Co., Ltd.


NongHyup Property & Casualty Insurance