RainbowIntermediaries

Securities for Risks

Solutions for Problems

VALUES

Fidelity
Integrity
Creativeness
Professionalism
Consistency

VISION

Hub of Local and
International
Risks and
Professional
Securities

About Us

Rainbow Intermediaries

Rainbow Intermediaries, founded in 2015, is an organization of insurance experts and consultants with over 30 years of careers and experiences in risk management.
At the time of foundation, Rainbow intermediaries had a firm belief that our experience in local and international insurance, reinsurance and retrocession would make a difference in the insurance industry of the country. Our beliefs proved to be real. We have observed growth of insurance industry of the country where we worked for and could feel our efforts marked in it.
Since 2017 when we issued the first financial statement, our brokerage income has increased 43% in 2024. Our key business lines in primary insurance expanded to property, marine, engineering, crop and personal accident from which we are seeing sustained increase of brokerage.
Reinsurance remains as one of our expertise based on our profound knowledge and experience. Proportional and non-proportional treaties we have bound for property, marine and crop insurers contributed to their increased capacities and stability of operations.
We are also proud of our consultancy service that offers our expertise and knowledge to supplement success of our clients.
Our solid business ground, strong bond and trust with insurance and reinsurance markets enabled us to enter another phase of development. In 2024, we have setup another milestone in our history, being authorized by local insurance companies to underwrite insurance and reinsurance, manage claims as Managing General Agent (MGA) on their behalf.
Capitalizing on what we have achieved so far, we are striving to be a Hub of Risks and Securities, always committed to Fidelity and Professionalism.
Rainbow Intermediaries would not have reached where we are without support and trust, for which we always and sincerely thank our valuable clients and partners.

Han Chol Gyu
Managing Director
Rainbow Intermediaries

Our Team of Managers

Managing Director: (Insurance and Reinsurance)

Mr. Han Chol Gyu

Qualification: economy, finance
30 years of experience in insurance and reinsurance companies in DPR Korea, China and Singapore

Insurance Manager (Property, Engineering lines)

Mr. Kang Yong Jun

Qualification: engineering, physics 35 years of experience in engineering and property insurance in local insurance companies and branches

Insurance Manager (Crop, Personal lines)

Ms. Kwon Hye Sun

Qualification: biology, pharmacology
17 years of experience in crop and personal lines insurance in local insurance companies and branches

Insurance Manager (Marine lines)

Mr. Jang Bong Hyon

Qualification: mechanical engineering
22 years of experience in engineering and marine lines insurance in local insurance companies and branches

Assistant Manager (Property, Crop lines)

Ms. Jang Gum Sun

Qualification: chemistry, finance
7 years of experience in property and personal lines insurance in local insurance company

Assistant Manager (Marine lines)

Mr. Jo In Chol

Qualification: harbor pilot
5 years of experience in marine survey and marine lines insurance in local insurance company

Account Manager

Ms. So Jin Hyang

Qualification: finance, IT
5 years of experience in finance and insurance account handling in trading and insurance companies

Our Services

Property and Financial Lines

Property and Financial is the largest portion in our portfolio.

- Fire and Allied Perils Insurance
- Property All Risk Insurance
- Intellectual Property Insurance
- Electronic Equipment Insurance
- Product Liability Insurance
- Deposit Insurance
- Credit Insurance

Marine Lines

Marine holds its importance in our maritime country.

- Marine Hull and Machinery Insurance
- Protection and Indemnity
- Aviation Insurance
- Cargo Insurance
- Carrier’s Liability Insurance
- Port Liability Insurance

Engineering Lines

Construction boom in the country needs professionalism in our Engineering lines.

- Contractor’s All Risk Insurance
- Erection All Risk Insurance
- Advanced Loss of Profit Insurance
- Civil Engineering Completed Risk Insurance
- Machinery Breakdown

Agriculture Lines

Agriculture draws our particular attention in the climate change.

- Crop Insurance
- Livestock Insurance
- Aquaculture Insurance

Personal Lines

We are always endeavoring for the best covers for Casualty and Personal lines.

- Personal Accident Insurance
- Medical Insurance
- Travelers Insurance
- Child Insurance

Reinsurance

The insurance for insurance is our expertise.

- Property Quota Share Treaties
- Marine Quota Share Treaties
- Catastrophe Excess of Loss Treaties
- Protection and Indemnity Excess of Loss Treaties
- Crop Stop Loss Treaties
- Facultative Reinsurance

Consultancy

Consultancy is how we are supplementing our sincerity for the success of our valuable clients.

Managing General Agent of Insurers

The authority granted for underwriting and claim management is a new realm of Rainbow Intermediaries.

Financial Figures

STATEMENT OF FINANCIAL POSITION

Currency: KPW (KPW 110.00 equivalent to USD 1.00)

ASSETS	2024	2023	2022
Cash and Cash Equivalents	19,784,941	17,662,780	16,061,040
Statutory Deposit	1,250,000
Trade Receivables	4,848,905	3,814,839	4,610,231
Other Receivables	252,450
Prepayments	985,113	180,113	280,969
Financial Assets	10,321,573	15,321,573	10,821,573
Tangible Assets	9,084,946	8,025,870	7,948,546
Intangible Assets	298,067	27,100	27,900
TOTAL ASSETS	46,825,995	45,032,275	39,750,259

LIABILITIES AND EQUITY
LIABILITIES
Trade Payables	2,750,026	1,274,976	760,059
Other Payables	379,948	627,508	725,530
Long-term Debt	656,963	2,156,962	811,774
TOTAL LIABILITIES	3,786,937	4,059,446	2,297,363
EQUITY
Paid-up Capital	5,000,000	5,000,000	5,000,000
Retained Earnings	38,039,058	35,972,829	32,452,896
TOTAL EQUITY	43,039,058	40,972,829	37,452,896
TOTAL LIABILITIES AND EQUITY	46,825,995	45,032,275	39,750,259

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Currency: KPW (KPW 110.00 equivalent to USD 1.00)

ITEMS	2024	2023	2022
REVENUES
Income from (Re)insurance Brokerage	51,742,423	50,443,693	47,464,539
Income from Consultancy	1,356,000	2,564,255	2,572,136
Income from Financial Assets	967,450	589,379	704,457
Total Revenues	54,065,873	53,597,327	50,741,132
EXPENSES
Acquisition Cost	-2,780,000	-627,508	-725,530
Administrative Expenses	-19,433,403	-14,868,490	-14,822,942
Total Expenses	-22,213,403	-15,495,998	-15,548,472
INCOME BEFORE PAYMENT TO STATE	31,852,470	38,101,329	35,192,660
Payment to State	-9,555,741	-11,430,399	-10,557,798

NET INCOME	22,296,729	26,670,930	24,634,862

STATEMENT OF CASH FLOW

Currency: KPW (KPW 110.00 equivalent to USD 1.00)

ITEMS	2024	2023	2022
OPERATING ACTIVITIES
(Re)insurance Brokerage Received	30,387,463	31,600,480	22,728,059
Reinsurance Treaty Balance Paid Out	120,535,504	122,370,330	92,765,210
Reinsurance Treaty Balance Received	-97,464,583	-80,336,780	-70,785,166
Outstanding Reinsurance Claim Settled	-1,274,976	-19,934,212
Consultancy Fee Received	1,356,000	2,564,255	2,572,136
Agent Fees Paid	-2,780,000	-627,508	-725,530
General and Administrative Expenses Paid	-21,311,006	-11,815,141	-12,842,360
Balance of Prepayment Returned	20,000
Payment to State	-9,555,741	-11,430,399	-10,557,798
Transfer to Statutory Deposit	-1,250,000
Sub-Total	18,662,661	32,391,025	23,154,551
INVESTING ACTIVITIES
Purchase/Disposal of Financial Assets	5,000,000	-15,321,573	-10,821,573
Profit from Financial Assets	715,000	6,202,974	8,127,838
Repayment of Long Term Debt	-2,025,000
Sub-Total	3,690,000	-9,118,599	-2,693,735
FINANCIAL ACTIVITIES
Payment of Dividend	-20,230,500	-23,150,997	-20,983,486
Sub-Total	-20,230,500	-23,150,997	-20,983,486
Net Change in Cash and Equivalents	2,122,161	121,429	-522,670
Cash and Cash Equivalents@Beginning of Year	17,662,780	17,541,351	16,583,710
Cash and Cash Equivalents@End of Year	19,784,941	17,662,780	16,061,040

STATEMENT OF CHANGES IN EQUITY

For the Year Ended @ 31st December 2024
Currency: KPW (KPW 110.00 equivalent to USD 1.00)

ITEMS	Paid-up Capital	Retained Earnings	Total Equity

Balance@ 1st January 2023	5,000,000	32,452,896	37,452,896
Profit/Loss for the Period/Year		26,670,930	26,670,930
Dividends Relating to Prior Periods Paid During the Year		-23,150,997	-23,150,997
Balance@ 31st December 2023	5,000,000	35,972,829	40,972,829

Balance@ 1st January 2024	5,000,000	35,972,829	40,972,829
Profit/Loss for the Period/Year		22,296,729	22,296,729
Dividends Relating to Prior Periods Paid During the Year		-20,230,500	-20,230,500
Balance@ 31st December 2024	5,000,000	38,039,058	43,039,058