Chubb’s general insurance subsidiary has announced that Ace American Fire and Marine Insurance Company Korea, will rebrand as Lina General Insurance starting Saturday, bringing them into line with Chubb Korea’s other affiliates: Lina Life Insurance and Lina One.
An official from Lina General Insurance commented on the rebrand: “The unified ‘Lina’ brand embodies Chubb’s commitment to integrating the strengths and capabilities of the three companies, enhancing collaboration and delivering products and services that prioritise customers’ needs in this highly personalised era.”
The news comes after both Ace American Fire and Marine Insurance Company Korea have been struggling to consolidate their footprint in the Korean market which is dominated by four major insurers run by Korean conglomerates like Samsung, Hyundai, KB and DB who collectively control 70% of the market.
Chubb has been seeking to expand its presence in the Asia-Pacific region and Korea is the key market in this aim. This was bookmarked by Chubb’s acquisition of the Korean operations of Lina from California-based Cigna in July 2022.
Given that Lina has a far more established brand in Korea than Chubb, the group has been restructuring its local businesses to leverage Lina’s brand power. In October 2022 Chub established a telemarketing subsidiary, Lina One, where Ace Insurance’s businesses have been relocated. Chubb appointed Cho Jee-eun as President of Lina Life and the most senior executive of Chubb Korea this March, positioning her to manage Chubb’s operations in the country.
Cho commented on the merger: “The essence of this change is all about focusing on our customers and returning to basics, please look forward to the new insurance ecosystem that the unified Lina will create.”
