KDB Life Headquarters Exterior View
[Asia Economy Reporter Oh Hyung-gil] KDB Life Insurance has found a new owner after four attempts to sell over ten years.
According to the financial investment industry on the 12th, the Korea Development Bank and Kansas Asset Management are expected to soon select mid-sized private equity fund (PEF) JC Partners as the preferred bidder for acquiring KDB Life Insurance.
It is reported that JC Partners plans to purchase 92.73% of KDB Life Insurance's shares for about 200 billion KRW and then proceed with a paid-in capital increase of approximately 300 billion KRW.
Last year, JC Partners successfully completed a 200 billion KRW paid-in capital increase for MG Insurance, which had received a management improvement order, and was also selected as the general partner (GP) for entrusted management.
In the acquisition battle for KDB Life Insurance, JC Partners reportedly received high evaluations by proposing to transform the company into a mutual reinsurance company. Mutual reinsurance is a system where an insurance company transfers part of the savings insurance premiums received from customers to a reinsurer for management.
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