Speculation is circulating in the insurance market about whether private equity firm JC Partners is seeking to transform KDB Life Insurance into a reinsurer and compete against Korea Re.
JC Partners was selected last week as the preferred purchaser of KDB Life. The firm’s strategy came as the Financial Services Commission (FSC) announced its plan to ease regulations on the reinsurance industry.”Competition is expected to heat up in the reinsurance market with newly established reinsurance companies,” an FSC official said.Currently, Korean Re holds over a 57% share of the domestic reinsurance market, reported The Korea Times.

JC Partners is buying a stake of 92.73% in KDB Life that is jointly owned by state-owned Korea Development Bank and investment house Consus Private Equity. 


 

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