I Became a Black Market Tycoon with an Inventory - Chapter 189

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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189 – Reinsurance
189.
Tokyo.
Seiryū Reinsurance Executive Conference Room.
Seiryū Reinsurance. (青龍再保険)
Asia’s largest marine and aviation reinsurer.
A substantial number of Asia’s major property and casualty insurers and shipowners’ associations maintained reinsurance policies with Seiryū Reinsurance.
Though an exceptionally conservative company,
whenever it moved, the entire market responded—its influence was extraordinary.
It was the industry’s leader and standard-bearer.
“Director Tachibana, what’s the situation with the Korean matter?”
the Marketing Director asked.
“You mean the reinsurance hold on Korean shipping routes?”
Tachibana, the Risk Management Director, answered calmly to the Marketing Director’s question.
Placing a hold on Korean routes was a significant decision even for Seiryū Reinsurance.
“Precisely. To be honest, I find it rather puzzling. As far as I understand, there are no particular risks in Korea at present?”
“When you speak of risk, what exactly do you mean?”
“The Risk Management Director doesn’t know that? Military conflicts, war, port accidents, terrorism threats—those are risks, aren’t they?”
“Of course. Those are the obvious risks anyone can see. But what we’re examining are risks not yet manifested as incidents—the invisible ones.”
Tachibana answered deliberately.
“Invisible risks? What do you mean by that?”
the Marketing Director asked with evident frustration.
“Korean routes are excellent, certainly. There’s no extensive accident history, and the port infrastructure is superb.”
“Then what’s the problem?”
“Obsolescence.”
“Obsolescence?”
“Korea’s transportation operations currently depend not on standardized systems, but on individual experience and expertise. What happens when those people retire? When the veterans begin to leave? The probability of problems becomes extremely high. We’re attempting to reassess the risk profile of these individuals before accidents occur.”
“But there are still no visible incidents. No problems whatsoever.”
“It’s not an insurer’s role to declare something dangerous after an accident happens. Our responsibility is to identify structural defects likely to cause accidents before they occur.”
The Marketing Director’s expression darkened.
His argument was sound, but far too theoretical.
Such reasoning might be correct in school, but not in business.
“Isn’t that far too abstract? Making such a momentous decision based on baseless speculation and vague conjecture. I cannot comprehend it.”
“Risk isn’t about numbers. It’s about interpretation. Consider a person weighing 100 kilograms. Do we immediately warn them of obesity simply because they exceed 100 kilograms? No. We must examine their height and muscle mass. Conversely, someone weighing 80 kilograms with a height of 150 centimeters could be at risk. Numbers are meaningless. It’s the method of interpretation that differs.”
Everyone seemed to accept Tachibana’s explanation.
Yet the Marketing Director appeared to have more to say.
“Then how long will this continue? Korea is a major market. It’s not a country we can indefinitely hold.”
“Are you suggesting we should accept insurance on Korean routes despite the risks, Marketing Director?”
The Marketing Director’s expression hardened.
“When did I ever say such a thing? I’m simply frustrated watching revenues decline without being able to do anything about it.”
“If that’s the case, then it’s fine. We won’t hold you responsible for it, Director.”
Tachibana spoke matter-of-factly.
“What do you mean?”
“It’s an order that came down from the Committee.”
At the mention of the Committee, the Conference Room fell silent.
Among those attending the meeting, no one knew the faces of the Committee members.
But they all knew with certainty of the Committee’s existence.
Simply put, they were the owners, the decision-makers.
The moment that name was spoken, further objections became meaningless.
Everyone acquiesced in silence.
********
The same day.
Zurich, Nordhafen Reinsurance.
“Word is that Seiryū has placed a hold on the South Korea line.”
As the news spread, Nordhafen, the European reinsurance company, stirred with unease.
An emergency meeting was convened.
“Seiryū?”
“Yes.”
A brief silence fell.
Seiryū never moves without reason.
So if Seiryū has placed a hold, something is definitely wrong.
The problem is that we don’t know why.
“There haven’t been any incidents we’re unaware of, have there?”
“None.”
“No wars, no terrorism?”
“No. We’ve confirmed it via satellite.”
“And yet a reassessment of exposure?”
Several executives wore expressions of bewilderment.
One of them shook his head and spoke.
“South Korea is a country that manages things cleanly. Yet a reassessment?”
“That’s exactly why it’s so strange. It means there could be a serious problem grave enough to warrant reassessing such a lucrative line.”
The Conference Room fell silent.
No one spoke.
Reinsurance is typically not entrusted to just one company.
By subscribing across multiple continents—Asia, Europe, and so forth—they spread the risk.
Seiryū, one pillar of that balance, had just withdrawn.
With Seiryū gone, all of Asia had effectively withdrawn as well.
Now if Nordhafen were to accept reinsurance on the South Korea line,
Nordhafen and Europe would have to bear it all.
Without Seiryū and Asia to share the risk.
Reinsurance’s greatest advantage—the ability to disperse risk—was no longer available to them.
If an accident occurred, Nordhafen Reinsurance would have to absorb the entire loss.
The Korean route was clean and straightforward, certainly,
but if an accident happened, they would have no choice but to pay out an astronomical sum in insurance claims.
The concern deepened.
“What’s the current status?”
“We’re holding for now.”
After a moment’s consideration, the CEO reached a decision.
“Then let’s proceed with that.”
“Will it be alright?”
“Seiryū Reinsurance moved first, so let’s observe the situation. We’ll make our decision based on how Seiryū Reinsurance moves.”
The CEO decided to hold.
The exact nature of the risk remained unclear.
But precisely because it was unclear, pushing forward recklessly made no sense.
There was no need to accept the Korean route while unnecessarily exposing themselves to danger.
And so the conclusion was to hold.
“Understood.”
The meeting ended there.
After that day, numerous insurance requests for the Korean route came in, but all were placed on hold.
No explanation was provided.
They couldn’t say they were following Seiryū Reinsurance’s lead.
They simply repeated that they were adhering to internal guidelines.
*******
Seoul.
Government Seoul Building Annex.
The President, along with officials from the Ministry of Land, Infrastructure and Transport, the Ministry of Oceans and Fisheries, the Financial Services Commission, the Foreign Ministry, and the National Intelligence Service
gathered in one place.
The meeting had no official designation.
It was an unofficial meeting conducted in absolute secrecy, with no records kept.
The air in the conference room was heavy from the start.
“Let me summarize.”
The Section Chief of Maritime Policy at the Ministry of Land, Infrastructure and Transport condensed the PowerPoint presentation.
“Japan’s major reinsurer, Seiryū Reinsurance, has placed a hold on reinsurance for all Korean maritime routes, citing a need for risk reassessment.”
“European reinsurers have subsequently taken the same measures in a chain reaction.”
“Currently, numerous shipping companies are unable to secure insurance and are postponing or canceling shipments.”
“Overall logistics are expected to become rapidly destabilized in the near future.”
The President interjected immediately.
“So to summarize, they’re refusing to provide insurance, correct?”
“It’s not a refusal—it’s a suspension of decision. That’s why it’s a hold, not a rejection.”
“That’s splitting hairs. Whether it’s semantics or not, the reality is the same: shipping companies can’t get insurance, isn’t it?”
The President grumbled, visibly irritated.
“That’s correct. It’s a de facto rejection.”
The Manager from the Ministry of Land, Infrastructure and Transport nodded.
“Look, whether it’s a hold or a rejection doesn’t matter. But what’s their reason?”
“As I mentioned… risk reassessment…”
“That’s something done every year, isn’t it? Why did this reassessment suddenly pop up out of nowhere? We can’t solve this problem without understanding that. We don’t have overland routes, and if we can’t export or import, we’ll simply starve to death. This is a grave situation. Foreign Ministry?”
The President turned to the Foreign Ministry, growing weary of parroting the same answer.
“Yes, sir.”
“Did you inquire with Japan?”
“Through official channels, we received the response: ‘The government is unaware of this matter. It is an independent decision by a private insurance company.'”
“Private? Ha.”
The President let out a short laugh.
It was closer to a scoff.
“Let me ask the Financial Services Commission.”
“Sir?”
“Can a private enterprise make a decision of that magnitude independently? Without coordination with the government?”
The Manager from the Financial Services Commission paused briefly before responding.
“Technically, the authority does rest with the private enterprise, but… in practice, it’s extremely difficult. Especially at this scale, it should be considered impossible.”
“Then we must lodge a protest. Shouldn’t we be doing something?”
The President’s voice grew louder.
A major crisis had erupted, yet the bureaucrats still hadn’t properly grasped the situation, and his frustration was evident.
“We lack grounds for a protest.”
The Foreign Ministry Manager responded.
“What do you mean?”
“First, since it’s a private contractual matter, the government faces difficulties in intervening. What Seiryū Reinsurance is doing is neither discrimination nor sanctions nor modification. They’re simply saying they’ll hold things in abeyance for now, making intervention extremely awkward.”
“Sigh…”
The President exhaled a deep breath.
The atmosphere in the conference room grew even more grave.
“What about the European side? Why are they doing the same?”
“Their official reason is internal guidelines, but it appears that once Seiryū moved, they simply decided to play it safe as well.”
“So they don’t want to be the only one taking the fall?”
“That appears to be the case.”
“Then shouldn’t we do something? Shouldn’t we compile evidence proving we have no accidents and distribute it?”
“I apologize. Domestic insurers have already created and distributed such materials, but they’ve had no effect.”
The President, deep in thought, came up with an idea.
“Is there no way for the government to provide a guarantee? That seems like it could resolve this.”
“Theoretically, it’s possible.”
“However, if we do that, we’ll be flooded with claims suspected of insurance fraud.”
“There’s a strong possibility of intentional accidents.”
“Maritime accidents operate on a different scale. We’re talking tens of billions of dollars, not tens of billions of won.”
“We will be handing over national finances to insurance fraudsters.”
“We can barely manage to draft the relevant legislation.”
“And if the government steps in, it sends a signal that South Korea is in danger. That would ultimately prove Seiryū Reinsurance was right.”
Coming up with even a single idea had been difficult,
but objections poured in from multiple departments.
The meeting dragged on for over two hours.
The President cancelled his scheduled appointments to continue the meeting, but nothing changed in the conclusion.
Reinsurance companies are private enterprises,
and risk assessment is their prerogative,
South Korea isn’t a country with problems right now, but since problems could arise, they’re conducting a reassessment.
We’d returned to the exact same point where the meeting started.
If anything, the gravity of the situation only became clearer.
My frustration only deepened.
Among everyone gathered here, there wasn’t a single person who could turn this situation around.
“Is there really… no way to resolve this?”
“I’ll look into it.”
The President spoke with resolve.
“Once you find a solution, bring it directly without following procedures. No time for approvals or writing reports. Understood?”
“Yes, sir.”
“It doesn’t have to be certain. Just bring it.”
“Understood.”
The meeting ended like that.
The problem remained, and time was running out.
There wasn’t a single person in that room who could solve this.
********
“Go easy on it. It’s expensive.”
Team Leader Hwang On-yu gulped down his drink.
He normally doesn’t seem to drink much,
so why does he drink like this whenever he sees me?
“You’re rich anyway. Buy me a drink.”
“If a civil servant accepts drinks like this, I’ll violate the Anti-Corruption Act.”
“You drank beer at my place before.”
“I had one can of beer, and how much alcohol have you made me buy? I’ve already paid back the beer. Let’s stop this now.”
I spoke with a tone of exasperation,
and Hwang On-yu exhaled a long stream of cigarette smoke.
“My mind is complicated.”
“What’s complicated? You’re getting promoted to Director soon. Shouldn’t you just walk the path of flowers?”
“Something came up at work.”
“Something?”
“It’s highly classified, but since it’s you… I’ll tell you.”
Whenever he hesitated about classified or confidential information, I’d scold him, but now he speaks readily enough.
“Okay, go ahead. I need to get paid back for the drinks anyway. I’ll call it even with this.”
Hwang On-yu lowered his voice.
He relayed the situation quietly and discreetly.
And after hearing what Hwang On-yu had to say, I was utterly bewildered.
“Seriously?”
“It’s chaos. The maritime routes are blockaded and people are starving to death.”
My shock was simple to explain.
I couldn’t understand how an entire nation could be paralyzed over something so trivial.
All these supposedly brilliant people gathered together, and they can’t solve one problem like this?
“This is ridiculous. They won’t sail the ships just because insurance wasn’t obtained?”
“That’s become reality now. From the shipowner’s perspective, it’s difficult to operate without insurance. We’re not talking about pocket change here.”
“Can’t the government just provide a guarantee?”
“If it were that simple, they’d have done it already.”
I paused to think.
Come to think of it, I own an insurance company.
Taerim Insurance.
It came with the Taelim Financial Group I bought from Yun Jae-hong for one dollar.
“Oh, I have Taerim Insurance. They can just get insured there. I’ll give them a discount on the Taerim Insurance policy.”
I spoke as though I were bestowing an enormous favor, and Hwang On-yu burst out laughing.
“Ha ha. You crack me up. If that were possible, would we be worrying about it? If an accident happens, Taerim would be wiped out in one blow. The compensation scale is no joke. That’s why we get reinsurance. The problem arose because they can’t obtain it right now.”
“What? It’s a money problem?”
“Exactly. Insurance is ultimately a money problem.”
I actually felt relieved.
“The easiest problem to solve in the world is a money problem. All you need is money. Okay. I’ll guarantee the reinsurance too. Then there’s no problem, right? Tell them to launch the ships.”
I spoke confidently, but Hwang On-yu shook his head.
“Who would believe you? Even if you really have the money and offer a guarantee, people have to believe it. Only then will they trust and launch the ships.”
“You need credible assurance?”
“Right. People don’t know how much money you have.”
“Can’t I just open my bank account?”
“That’s not enough. People won’t believe that either. That’s why you need an institution with credibility, or a consortium.”
Hearing Hwang On-yu’s words, several combinations clicked into place in my mind.
Now that I thought about it, I owned at least two insurance companies.
Taerim Insurance and Del Rosario Insurance in the Philippines.
What if I contacted the Chinese side and asked them to add my name to the consortium?
I’d cover the money myself—they’d just need to add my name to the consortium.
It seemed entirely feasible.
If I offered Assand as a bonus, they’d probably jump at it.
First, I asked Hwang On-yu.
Whether this was possible, and I explained my idea.
“What about this?”
Hwang On-yu was startled upon hearing my words.
First, he was shocked to learn that I possessed Del Rosario in addition to Taerim.
Second, he was taken aback once more by the possibility that this might actually resolve the situation.
Hwang On-yu made several phone calls.
After hanging up, he looked at me and spoke.
“Let’s visit the Blue House tomorrow.”
Through my inventory, I had become a magnate of the black market.
189 – Reinsurance
E-book Publication
/ February 4, 2026
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/ Black Card
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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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