Insurance: local firms in South Korea

Kim & Chang

Kim & Chang represents a variety of insurance, reinsurance and brokerage companies in Korea. Jay Ahn’s practice spans insurance transactions and regulatory matters and contentious insurance law. He is assisted by Jae Ho Baek and Hyun Wook Shin , who also assist on the establishment of insurance subsidiaries, privacy and with ongoing regulatory compliance issues. Joon Young Kim is the key contact for fintech and e-business industry clients.

Practice head(s):

Jay Ahn

Other key lawyers:

Jae Ho Baek; Hyun Wook Shin; Joon Young Kim

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

Prudential Life Insurance Company of Korea Ltd.

ABL Life Insurance Co., Ltd., (formerly Allianz Life Insurance Co., Ltd.)

AIG (American International Group) Korea Inc.

Factory Mutual Global (FM Global)

KakaoPay Insurance Corp

KB Life Insurance Co., Ltd.

Work highlights

  • Advised Cigna Corporation on its sale of LINA Korea to Chubb Limited.
  • Advised FM Global on the establishment and licensing of a non-life insurance branch in Korea.
  • Advised KakaoPay on a digital insurance company’s IT security matters.

Lee & Ko

Insurance powerhouse Lee & Ko continues to expand its offering in insurance regulation with the recruitment of Yeongseog Jeong, formally director at the Financial Supervisory Service, to complement its strong insurance advisory and contentious practice. Renowned for their litigation expertise, Jin Young Jung and Yang Ho Yoon are highly regarded for their representation of insurers in claims related to major accidents in shipping, aviation, construction and policy coverage. Sae Um Kim is experienced in policy reviews and brokerage regulation and insurance products in the construction sector. Jin Hong Kwon has developed a top insurance licensing and registration speciality.

Practice head(s):

Jin Hong Kwon

Other key lawyers:

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

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.

Allied World Assurance Company Ltd.

Allianz SE, Singapore Branch

Aon Korea Inc.

Aon Singapore Pte. Ltd.

Aon PLC

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.

FTLife Insurance Co., Ltd.

Fusion Specialty Insurance Pty Ltd

General Insurance Association of Korea

General Reinsurance Corporation

Hanjin Busan Newport Co., Ltd.

Hanwha General Insurance Co., Ltd.

Hanwha Life 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 Limited (now known as Marsh)

Work highlights

  • Advised AIG (Singapore) on the disputes arising out of the W&I insurance entered into between AIG (Singapore) and the buyer regarding the acquisition of a domestic company.
  • Advised Korea General Insurance Association and its non-life insurers on amending the Corporate Tax Law and the Education Tax Law following the introduction of IFRS 17 without increasing the tax burden of the general insurers.
  • Advised on Hyundai Marine & Fire Insurance Co., Ltd. on legal issues in respect of Cardsurance and provided comprehensive review of the Insurance Business Act and the Financial Consumer Protection Act in connection therewith.

Bae, Kim & Lee LLC

Best known for its impressive roster of Korean and international insurer clients, Bae, Kim & Lee LLC are ‘able to advise not only on the relevant law, but also speak from decades of experience’ acting on transactional, regulatory and dispute resolution matters. Jaiyoung Kimhas most of Korea’s insurers as his clients’ – he is particularly skilled in regulatory issues and financial supervisory authorities’ investigations and sanctions. Jong Min An and Soo Hyun Kim are the other regulatory experts. On the contentious side, Jae Seok Yang represents insurers in litigation involving fires and aviation incidents. Jong Ku Kang retired from practice.

Practice head(s):

Jaiyoung Kim

Other key lawyers:

Jong Min An; Soo Hyun Kim; Jae Seok Yang

Testimonials

‘Kim Jai Young almost always attends the client meetings and seems to be handle most of the matters. Renders good quality legal opinion letter that a client may rely on comfortably.’

‘BKL has a dedicated insurance practice team composed of professionals whose main specialism is insurance/reinsurance. They maintained their top reputation for more than 20 years, and thus are able to advise not only on the relevant law, but also speak from decades of experience.’

‘Jaiyoung Kim leads the practice and has most of Korea’s insurers as his close clients. There are only few figures who have comparable breadth and depth of experience, and despite his seniority, he maintains a hands-on approach.’

‘Soo Hyun Kim has good knowledge in regulatory and litigation matters. She is a junior partner but always provides good quality of work.’

Key clients

ABL Life Insurance

DB Insurance

Hanwha Life Insurance

Meritz Fire & Marine Insurance

MetLife

Mirae Asset Life Insurance

Prudential Life Insurance

Samsung Fire & Marine Insurance

Samsung Life Insurance

Shinhan Life

Work highlights

  • Representing Hanwha Life Insurance in the immediate annuity litigation, which is currently one of the most high-profile cases in the industry.
  • Representing Samsung Life Insurance on responding to the penalty review committee following comprehensive inspection by Financial Supervisory Service.
  • Advised Kakao Pay, a mobile payment service provider, on obtaining an approval for general insurance business.

Shin & Kim

Shin & Kim demonstrates strong capability in insurance transactional advisory and regulatory work, particularly in relation to licensing, document drafting and review, product development, and assistance with audits and inspections by the FSC. Continuing to develop its contentious practice, the group is increasingly active representing insurer clients in coverage claims, business interruption, package insurance, protection and indemnity, and marine insurance claims, among other matters. Chan-Mook Jung is primarily known for his expertise concerning the registration of financial companies, and assisting foreign clients with establishment of Korean subsidiaries. Foreign partner John JungKyum Kim and litigator Se Ryul Hong  are also of note.

Practice head(s):

Chan-Mook Jung

Other key lawyers:

John JungKyum Kim; Se Ryul Hong

Key clients

Chubb Limited

AIG Singapore

Chubb Insurance Singapore Limited

Liberty Speciality Markets Singapore Pte Ltd

Lotte Non-Life Insurance Co., Ltd.

Korean Re

XL Insurance Company SE

Catlin Singapore Pte. Ltd.

Assicurazioni Generali S.p.A.

Uber Technologies Inc. (U.S.)

Samsung Life Insurance Co., Ltd.

Samsung Fire Insurance Co., Ltd.

Korea Life Insurance Association

Kyobo Life Insurance Co., Ltd.

Hanwha Life Insurance Co., Ltd.

General Insurance Association of Korea

Swiss Re Asia Pt. Ltd., Korea Branch

Mirae Asset Life Insurance Co., Ltd.

Hyundai Marine Fire Co. Ltd.

Fubon Hyundai Life Insurance Co., Ltd.

AIG Korea Inc.

Meritz Fire & Marine Insurance Co., Ltd

Work highlights

  • Advised Chubb Limited in the acquisition of life, accident and supplemental health insurance business of Cigna Group in Korea (LINA Life Insurance of Korea and two other affiliate companies (Cigna Korea and LINA Financial Service).
  • Advising the Excess Reinsurers on the investigation and coverage matters in relation to an explosion at the Lotte Chemical Plant, while also advising Lotte Non-Life Insurance and Korean Re on their collective insurance liability and exposure thereunder by way of mutual agreement and consent.

Yulchon

Yulchon‘s robust practice demonstrates expertise in transactional, regulatory, claims coverage, insurance disputes and in restructuring and insolvency relating to the insurance sector. The practice draws upon its wider team to assist Korean and overseas clients with M&A deals in the industry and in the establishment of new business operations. Practice head Young Su Shin is a ‘prominent market figure' for licensing, insurance–linked securities, reinsurance, tax-related instructions and guaranty insurance. Hyeon Hwa Shin and Hee Woong Yoon are the other key partners.

Practice head(s):

Hee Woong Yoon; Young Su Shin; Hyeon Hwa Shin

Testimonials

‘Yulchon’s insurance practice has great teamwork and provides prompt response to our requests’

‘Young Su Shin is very prominent in the Korean insurance industry and offers in-depth expertise on insurance matters’

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

Work highlights

  • Advice on a takeover acquisition of an Indonesian non-life Insurance Company.
  • Advice to Insurance Companies and Financial Institutions on the new Financial Consumer Protection Act.
  • Acted for KB Insurance Co., Ltd. in a lawsuit filed by a beneficiary of an insurance policy for insurance proceeds.

Yoon & Yang LLC

Yoon & Yang LLC‘s managing partner Myung Soo Lee utilises his experience at the Financial Supervisory Service (FSS) to assist domestic and foreign insurers in licensing, regulatory work and representation in investigations. The practice is head by corporate lawyer Hwang Lim Jang , who also has significant experience in insurance law. A recent hire from the FSS, Chang Hun Han focuses on insurance litigation and regulation.

Practice head(s):

Hwanglim Jang

Other key lawyers:

Myung Soo Lee; Chang Hun Han

Key clients

Hanwha Life Insurance Co., Ltd., Hanwha Life Financial Services

KB Insurance Co.,Ltd.

Samsung Life Insurance Co., Ltd.

Heungkuk Fire & Marine Insurance Co., Ltd.

NongHyup Life Insurance Co., Ltd.

Hanwha Life Insurance Co., Ltd.

Hanwha General Insurance Co., Ltd.

General Electric Company

KB Insurance Co.,Ltd

Samsung Life Insurance Co., Ltd.

Work highlights

  • Represented Samsung Life Insurance in a claim against the decision by the Financial Supervisory Service to imposed sanctions on it for alleged violations of the Insurance Business Act.
  • Successfully represented KB Insurance in a dispute with other insurance competitors following the decision to request retirement pension operators in Korea propose a one-year pension product to redistribute its defined benefit type retirement pension.