Samsung Fire & Marine Insurance Partners with Bridgecode to Boost Small and Mid-sized M&A Insurance Market

Samsung Fire & Marine Insurance announced on June 5 that it had signed a business agreement (MOU) on the 26th of last month with Bridgecode, a consulting firm specializing in M&As for small and venture companies, to promote the small and mid-sized M&A insurance market.

Last year, Samsung Fire & Marine Insurance became the first in the industry to introduce a Korean-language W&I (Warranty & Indemnity) insurance product specifically designed for small and mid-sized M&As. Bridgecode plans to provide a comprehensive advisory system, including deal due diligence, transaction structuring, and risk analysis, to ensure the practical application of this product.

Samsung Fire & Marine Insurance held a business agreement ceremony (MOU) with Bridgecode at the Samsung Fire & Marine Insurance headquarters on the 26th of last month. From the left, Dongheon Baek, Head of Special Business Division at Samsung Fire & Marine Insurance, and Daeup Kim, Executive Director of Bridgecode, are taking a commemorative photo. Photo by Samsung Fire & Marine Insurance

W&I insurance is a product that compensates for financial losses arising from breaches of representations and warranties made by the seller regarding the business and financial status of a company in an M&A sales contract. This insurance has mainly been used in large-scale transactions, and its application in the small and mid-sized M&A market has been extremely limited.

With this agreement, the two companies have agreed to establish a foundation for a practical protection system in small and venture company M&As, where insurance coverage has traditionally been difficult to obtain.

Samsung Fire & Marine Insurance plans to work with Bridgecode's small and venture company M&A experts to lay the groundwork for the domestic W&I insurance market and maximize customer value by providing M&A services based on platform technology.

A representative from Samsung Fire & Marine Insurance stated, "We hope that this agreement will lead the future of the insurance market and produce tangible results that create a significant competitive advantage," adding, "We expect this to become a good model for mutual cooperation in expanding new markets within the insurance industry."