November 22, 2024

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This image shows Lina's new brand logo and slogan "Spotlight on You." (Lina Life Insurance)

US insurance group Chubb is uniting its three Korean affiliates under the Lina brand, seeking to create synergies by integrating brand identities.

Formerly known as Ace American Fire and Marine Insurance Company Korea, Chubb's general insurance subsidiary announced Friday that it will rebrand as Lina General Insurance starting Saturday, aligning with Chubb Korea's other affiliates -- Lina Life Insurance and Lina One.

"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 prioritize customers' needs in this highly personalized era," an official from Lina General Insurance said.

Ace American Fire and Marine Insurance Company Korea has been struggling to expand its presence in South Korea, where four major insurers run by Korean conglomerates like Samsung, Hyundai, KB and DB control 70 percent of the market.

On Thursday, Lina Life also announced the rebranding and unveiled Lina's new slogan, "Spotlight on You," which reflects Lina's dedication to "focusing on every aspect of our customers' lives," the life insurer explained.

Chubb, a New York-listed insurance company based in Zurich, Switzerland, operates in 54 countries worldwide.

The global insurance giant has been seeking to expand its presence in the Asia-Pacific region, with Korea serving as a key foothold for this endeavor. In July 2022, it acquired the Korean operations of Lina from California-based Cigna, broadening its Korean portfolio.

In June of the following year, Chubb CEO and Chairman Evan Greenberg visited Seoul to meet with top financial regulators, including the heads of the Financial Supervisory Service and Financial Services Commission Chairman, as well as then-Prime Minister Han Duck-soo.

Given Lina's strong reputation in Korea compared to Chubb, the group has been restructuring its local businesses to leverage Lina's brand power. In October 2022, Chubb established the telemarketing subsidiary Lina One and relocated Ace Insurance's telemarketing businesses to the firm. Chubb went on to appoint Lina Life President Cho Jee-eun as the senior country executive of Chubb Korea this March, positioning her to manage Chubb's overall operations in the country.

"The essence of this change is all about focusing on our customers and returning to basics," Cho said on Thursday, adding, "Please look forward to the new insurance ecosystem that the unified Lina will create."

By Choi Ji-won (jwc@heraldcorp.com)