Kim & Chang is a popular choice for insurance, reinsurance and brokerage companies in Korea, and is equipped to advise on regulatory and licensing matters, litigation, as well as acquisitions and restructurings. With strong credentials in transactional and regulatory matters, Jay Ahn leads the team, acting in mergers and acquisitions, restructuring and license applications. Jae Ho Baek is reputed for the depth of his expertise in insurance matters, including the establishment of insurance branches and brokerages. Hyun Wook Shin’s wide-ranging practice encompasses license applications, establishment of insurance companies, and regulatory compliance.
Insurance: local firms in South Korea
Kim & Chang
Praxisleiter:
Jay Ahn
Weitere Kernanwälte:
Jae Ho Baek; Hyun Wook Shin
Referenzen
‘The team has strong networking, which spreads to any kind of experts. It makes this team different to other firms.’
‘Mr. Hyun Wook Shin is very experienced in the insurance industry.’
Kernmandanten
Samsung Life Insurance Co., Ltd.
Samsung Fire & Marine Insurance Co., Ltd.
Hyundai Marine and Fire Insurance Co., Ltd.
AIA Life Insurance Co., Ltd.
LINA Life Insurance Company of Korea
ACE American Fire Marine Insurance Co., Ltd. Korea Branch
KB Insurance Co., Ltd.
Korean Reinsurance Company
KB Life Insurance
Lotte Insurance Co., Ltd.
Highlight-Mandate
- Advised a foreign reinsurer on the negotiation and execution of a co-insurance agreement.
- Conducted litigation on behalf of a client concerning the eligibility of an insurance claim under the policy terms.
- Advised on a new insurance business license application for Starr Insurance International.
Lee & Ko
Lee & Ko is a highly regarded firm in the insurance and reinsurance market, covering the entire scope of matters within the insurance sector. The team’s varied caseload includes precedent-setting disputes and complex transactions, covering the full insurance business life cycle. Practice head Jin Hong Kwon‘s practice largely centres on compliance under the Insurance Business Act and other relevant legislation. Working with an impressive roster of insurance, aviation and shipping clients, Jin Young Jung acts in commercial insurance disputes. Sae Um Kim has a wide-ranging practice advising international and domestic insurers and reinsurers on litigation, policy reviews and regulatory issues. Yang Ho Yoon acts as counsel for insurers and reinsurers in disputes.
Praxisleiter:
Jin Hong Kwon
Weitere Kernanwälte:
Yang Ho Yoon; Jin Young Jung; Sae Um Kim
Referenzen
‚I feel Lee & Ko has expertise in a variety of fields, including litigation and legal review. And Lee & Ko can quickly provide accurate opinions. I acknowledge Lee & Ko’s lots of experience and capabilities.’
‘I know that Lee & Ko has many competent members, and I particularly value the abilities of lawyers Yangho Yoon and Jin Young Jung, whom I worked with from a client’s perspective. They possess outstanding expertise in their fields, and they possess the friendliness and personal charm to maintain smooth and harmonious relationships with their clients.’
Kernmandanten
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.
AXA XL 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
Guy Carpenter & Company LLC.
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.
Insurance Agency Association
Jardine Lloyd Thompson (JLT) Asia Limited (now known as Marsh)
KB Insurance Co., Ltd.
Korea General Insurance Association
Korea Hydro & Nuclear Power Co., Ltd.
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
M Finance Service Co., Ltd.
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
Risk Point A/S
Sangsangin Industry Co., Ltd.
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.
Vesttoo Korea Co., Ltd.
Zurich Insurance Group
Zurich Life Insurance(Hong Kong)
Highlight-Mandate
- Acted in criminal and antitrust defence relating to bid-rigging allegations and prosecution of Samsung Fire Insurance.
- Advised on regulatory response relating to PIPC’s investigation into personal information practices in the insurance sector for KB Insurance, DB Insurance.
- Provided regulatory advice relating to the implementation of an accountability structure chart under the amended Act on Corporate Governance of Financial Companies for DB Life Insurance, MetLife Insurance, and others.
Bae, Kim & Lee LLC
Cooperating closely with experts from other practice groups, Bae, Kim & Lee LLC‘s insurance team is regarded for its ‘deep expertise in insurance regulations and situations’. Bringing additional expertise in asset management and insurance company M&A, Jaiyoung Kim is a key contact for Korean and multinational insurance companies on a range of insurance mandates, while Jong Min An works closely with insurance companies, insurance agencies and banks on regulatory issues. With former in-house experience, Dal Jae Park concentrates on regulatory advice and inspections.
Praxisleiter:
Jaiyoung Kim
Weitere Kernanwälte:
Jong Min An; Dal Jae Park; Joo Eun Lee
Referenzen
‘BKL is highly regarded in the insurance sector, particularly for its expertise in regulatory matters and supervisory consultations. I believe their strengths lie in providing prompt feedback, maintaining strong communication with financial authorities, and fostering effective collaboration among its experts.’
‘Dal Jae Park has exceptional expertise in the insurance sector. His experience combined with his strong relationships within regulatory agencies and insurance companies, enables him to provide practical and effective advice tailored to the needs of insurers.’
‘BKL’s Insurance Team stands out for its deep expertise in insurance regulations and situations, stemming from its roster of specialised insurance lawyers and experts from the Financial Supervisory Service. This unique composition allows them to consistently provide high-quality advisory services promptly, even when clients face complex challenges.’
Kernmandanten
Samsung Life Insurance Co., Ltd.
Meritz Fire & Marine Insurance Co., Ltd.
Hanwha Life Insurance
Shinhan Life Insurance
MIRAE ASSET Life Insurance
Hanwha General Insurance
KB Insurance
TONGYANG LIFE INSURANCE
KB Life Insurance
Hyundai Marine & Fire Insurance
Ace American Fire and Marine Insurance Company Korea (Lina General Insurance)
Korea Trade Insurance Corporation (K-Sure)
Fubon Hyundai Life Insurance Corp.
Seoul Guarantee Insurance Company
First American Title Insurance Company Korea Branch
Highlight-Mandate
- Advised DB Insurance on coverage issues under a property all risks insurance policy following a major fire at Coupang’s Deokpyeong Logistics Center.
- Advised CJ Logistics on potential liability and ongoing litigation arising from a fire during cargo loading operations at Ulsan Port, involving KRW 7.5 billion in damages.
- Advised Hanwha Insurance on its acquisition and merger with Carrot General Insurance, the first insurance M&A executed under IFRS 17 and K-ICS.
Shin & Kim
‘Composed of experts with a deep understanding of insurance’, Shin & Kim has an active regulatory defence practice, regularly advising insurers during FSS inspections, and also maintains a strong practice in insurance disputes. At the helm of the practice, So Youn Kim frequently represents clients in litigation relating to financial regulation, insurance and bankruptcy, while Hankyung Yu is sought out for representation in litigation and advice on contractors’ all-risk insurance, package insurance and machinery insurance.
Praxisleiter:
So Youn Kim
Weitere Kernanwälte:
Hankyung Yu
Referenzen
‘The special strengths of this team lie in their differentiated expertise, excellent communication skills, and keen insight into accurately identifying clients’ needs.’
‘The team is composed of experts with a deep understanding of insurance, and when issues arise in specific fields, they collaborate with other specialists to identify key issues and provide prompt and accurate responses.’
‘The individuals who have provided advisory services to our company possess not only deep expertise in their respective fields, but also the ability to quickly identify key issues in the insurance industry through their extensive networks and active external engagements.’
Kernmandanten
KB Insurance Co., Ltd.
Meritz Fire & Marine Insurance Co., Ltd
Samsung Life Insurance
Samsung Fire & Marine Insurance Co. Ltd.
Hyundai Marine & Fire Insurance Co, Ltd
DB Insurance Co., Ltd.
KDB Life Insurance Co., Ltd.
General Insurance Association of Korea
Seoul Guarantee Insurance (SGI)
Korea Trade Insurance Corporation
Lotte Insurance Co., Ltd.
Mirae Asset Life Insurance Co., Ltd.
Korean Reinsurance Company
BNP Paribas Cardif Life Insurance
Wooribank
Kyobo Life Insurance
ABL Life Insurance
Perigee Aerospace
Hanwha Life Insurance
Chubb Life Insurance
Highlight-Mandate
- Represented KB Insurance Co and Construction Guarantee Cooperative in an all risks insurance claim.
- Advised General Insurance Association of Korea regarding the application of sentencing guidelines for insurance fraud.
- Advised Heungkuk Life Insurance, Heungkuk Fire & Marine Insurance and IBK Insurance on the preparation of the Responsibility Map.
Yulchon
Yulchon's insurance and reinsurance department acts in transactional, regulatory and contentious mandates, with an active role in landmark insurance M&A transactions. Hyeon Hwa Shin heads the department, and her practice sits at the intersection of M&A and insurance. With a similarly focused practice, Tehyok Daniel Yi is also noted. Young Su Shin's practice covers the full arena of insurance, spanning the establishment of insurance companies and insurance-linked securities. Ji Hye Ryu is also a key practitioner in the group.
Praxisleiter:
Hyeon Hwa Shin
Weitere Kernanwälte:
Tehyok Daniel Yi; Young Su Shin; Ji Hye Ryu
Kernmandanten
Hanwha Life Insurance Co., Ltd.
Woori Financial Group Inc.
DB Insurance Co., Ltd.
Hanwha General Insurance Co., Ltd.
Hana Bank
Hanwha Life Insurance Co., Ltd.
Kyobo Life Insurance Co., Ltd.
LINA Life Insurance
MIRAE ASSET Life Insurance Co., Ltd.
Samsung Fire & Marine Insurance Co., Ltd.
Highlight-Mandate
- Advised on Hanwha Life Insurance’s Acquisition of PT Bank Nationalnobu Tbk, an Indonesian Bank.
- Advised Woori Financial Group on its acquisition of Tongyang Life Insurance.
- Provided legal advice on the overall responsibilities map system for financial companies, introduced under a new national policy aimed at strengthening the internal control framework of financial companies.
Dentons Lee
Formed in February 2023, Dentons Lee's insurance and reinsurance practice advises a client roster of global insurers, reinsurers, brokers and agents on regulatory, transactional and dispute resolution matters. Practice head John JungKyum Kim has developed a broad insurance practice, spanning from the formation of insurers to cross-border sales of re/insurance. Peter Seung-Hun Lee's practice sits at the intersection of dispute resolution and insurance, while Jacob H. Cho is a Singaporean-qualified lawyer with experience in insurance licensing and business regulations.
Praxisleiter:
John JungKyum Kim
Weitere Kernanwälte:
Peter Seung-Hun Lee; Jacob H. Cho
Referenzen
‘Very responsive and seeks solutions to resolving clients‘ needs. The team has English native/fluent speakers, which makes the collaboration more efficient and avoids communication misunderstandings.’
‚John JungKyum Kim has always been there for me, however trivial or big the ask is. I would recommend John to anyone overseas seeking legal advice in Korea.’
‘Good quality legal advice on the technical aspect of the law.’
Kernmandanten
Starr International Insurance (Singapore) Pte Ltd.
Allianz Global Corporate & Specialty, Korea Branch
Ben Nevis Asian Holdings Pte Ltd. d/b/a Miller Insurance Services
Aon Korea Inc.
Liberty Insurance Pte Ltd.
Beazley Pte Limited.
Arch Capital Group
Highlight-Mandate
- Acted as reinsurance defense counsel related to fires arising out of Hyundai Kona electric vehicles in the Seoul Central District Court with respect to alleged defective lithium-ion batteries manufactured by LG Energy Solutions.
- Acted as regulatory counsel for a client in the establishment of a new entity in South Korea for its broking business including securing its regulatory approval to operate a non-life insurance broker business from the Financial Supervisory Service.
- Acted as coverage counsel for Starr International in matters related to reinsurance coverage for late payment damages.
Jipyong LLC
Jipyong LLC is active across the full spectrum of insurance-related matters. The department advises on the interpretation of insurance policies, insurance litigation and regulatory compliance, and is particularly noted for its support on laws and regulations relating to the insurance industry. Exemplifying this in particular is department head Byoung Moon Choi, who frequently assists companies with financial regulation, as well as with the operation of public institutions.
Praxisleiter:
Byoung Moon Choi
Yoon & Yang LLC
Yoon & Yang LLC‘s comprehensive insurance practice extends to commercial issues within the insurance industry. Chang Hun Han oversees the group and is a seasoned advisor on the settlement of financial disputes. Hwang Lim Jang concentrates on securities and financial regulation, while Chongsu Seo brings experience in insurance claims and disputes to the team. Seung Jae Yeon is experienced in the licensing of securities companies.
Praxisleiter:
Chang Hun Han
Weitere Kernanwälte:
Hwang Lim Jang; Chongsu Seo; Seung Jae Yeon
Referenzen
‘The team is highly experienced and a standout in the Korean legal market. ’
‘Partner Hwang Lim Jang has fluent insights and experiences both in Korean laws and US law, which are very helpful and make him accountable in cross-border deals.’
Kernmandanten
KB Insurance Co., Ltd.
AIG Korea
Samsung Fire & Marine Insurance
Meritz Fire & Marine Insurance
Hanwha Life Insurance
Swiss Re Ltd
Pacific Life Re Ltd.
Hanwha Life Financial Services Co, Ltd.
Highlight-Mandate
- Advising Korea Investment Holdings on its proposed acquisition of an insurance company as part of its strategic plan to become a comprehensive financial group.
- Advising Hanwha Life Insurance on its acquisition of a US-based securities company and related affiliates as part of its strategy to expand into global financial markets.
- Advised Mitsui Sumitomo Insurance on product liability insurance coverage related to damage claims arising from the Nissan Motor case.