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South Korean regulator grants license to Carrot General Insurance

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South Korean regulator grants license to Carrot General Insurance

South Korea's Financial Services Commission on Oct. 2 granted a nonlife insurance business license to Carrot General Insurance Co. Ltd., The Chosun Ilbo reported, citing the regulator.

According to the publication, Carrot is a digital insurance joint venture among Hanwha General Insurance Co. Ltd., SK Telecom Co. Ltd., Hyundai Motor Co. and Altos Ventures. South Korean private equity firm STIC Investments Inc. will also join the consortium to increase paid-in capital to about 100 billion won.

Carrot General Insurance will start operation in early 2020.

As of Oct. 2, US$1 was equivalent to 1,205.11 South Korean won.