Korean Reinsurance Co. has established a subsidiary in Switzerland, The Korea Economic Daily reported May 19, citing the company.

The subsidiary, Korean Re Switzerland AG, received a license from the Swiss Financial Market Supervisory Authority to begin reinsurance operations in Europe, effective June 1.

The Zurich-based unit is the South Korean reinsurer's second European unit and third overseas unit after Hong Kong and London.

Korean Re is the largest Asian reinsurer in terms of earned reinsurance premiums. The company plans to increase its overseas revenue to 16 trillion won in 2030 from 1.8 trillion won in 2018, said CEO Won Jong-gyu.

As of May 17, US$1 was equivalent to 1,193.46 South Korean won.