Hyundai Marine & Fire Insurance

Hyundai Marine & Fire Insurance Co., Ltd. (Korean: 현대해상화재보험 주식회사; Hanja: 現代海上火災保險株式會社; RR: Hyeondae Haesang Hwajae Boheom Jusik Hoesa) is an insurance company headquartered in Seoul, South Korea. It is one of the largest non-life insurers in South Korea alongside Samsung Fire & Marine, DB Insurance, and KB Insurance.

History

Hyundai Marine & Fire Insurance was established as Dongbang Marine Insurance in 1955. Hyundai Group acquired Dongbang in 1983 and changed its name to Hyundai Marine & Fire Insurance in 1985. However, due to Hyundai's break up caused by a feud between the group founder Chung Ju-yung's sons, Hyundai Insurance was split from the original Group in 1999. Chung Mong-yoon, the founder's seventh son, took control of the company.

Operations

Hyundai Insurance is one of the four domestic insurers that dominates the South Korean non-insurance market. In the global market, Hyundai acquired a 25% interest in Vietinbank Insurance in 2018. The company also formed a joint venture with DiDi Chuxing and Legend Holdings for China market in 2020.