Business · Companies · 2 hrs ago
Hyundai Marine & Fire Insurance expands US reinsurance business
South Korea's Hyundai Marine & Fire Insurance has expanded its US reinsurance business through a new agreement with Waypoint Underwriting Management.
Waypoint can assess and accept treaty reinsurance contracts for Hyundai in three areas: property, liability and workers' compensation insurance.
Under treaty reinsurance, a company accepts risks within agreed conditions, rather than assessing each risk one by one.
Waypoint will handle the local underwriting, but Hyundai will bear the insurance risks.
Waypoint is part of Brown & Brown, a global insurance brokerage group, and works with several global insurers.
Hyundai already operates in the United States through a branch, but slower growth in South Korea's insurance market is prompting overseas expansion.
The company says Waypoint's local expertise and network can help diversify income and find more business without greatly expanding its own sales operation; the agreement's next steps are not specified.
Hyundai Marine & Fire Insurance has signed a reinsurance underwriting management agreement with US firm Waypoint Underwriting Management.
The agreement authorizes Waypoint to underwrite treaty reinsurance in three US insurance lines on Hyundai’s behalf.
Hyundai will retain the insurance risks while Waypoint handles local contract assessment and underwriting.
The insurer aims to use Waypoint’s expertise and network to expand US business and diversify overseas revenue.
The agreement comes as growth in South Korea’s insurance market slows amid low birth rates and an ageing population.
- Who
- Hyundai Marine & Fire Insurance and US reinsurance firm Waypoint Underwriting Management.
- What
- They signed an agreement giving Waypoint authority to underwrite treaty reinsurance for Hyundai in three US insurance lines.
- When
- Recently, according to an article published on November 2, 2026. The signing date was not stated.
- Where
- The United States.
- Why
- Hyundai aims to use local underwriting expertise and business networks to expand its US reinsurance opportunities and diversify overseas revenue.
This story does not have two clearly opposing sides.
Hyundai’s US branch recorded $132.17 million in direct premiums and $23.24 million in assumed facultative reinsurance, according to the article.
Hyundai signed a reinsurance underwriting management agreement with Waypoint Underwriting Management.
Maeil Business reported on the agreement.
- Agreement
- Reinsurance underwriting management contract between Hyundai Marine & Fire Insurance and Waypoint Underwriting Management
- Authorized lines
- US property, liability and workers’ compensation treaty reinsurance
- Risk-bearing insurer
- Hyundai Marine & Fire Insurance
- Waypoint affiliation
- A subsidiary of Brown & Brown, described as a global insurance brokerage group ranked among the world’s top five
- US direct premiums
- $132.17 million in 2024
- US assumed facultative reinsurance
- $23.24 million in 2024
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What people are saying
The advantage is that it can use the local specialist's insurance contract assessment and risk evaluation capabilities and sales network
It can expand business opportunities in the US reinsurance market without greatly increasing its direct sales organization