More Than Two Companies Join Preliminary Bidding for Yebyeol General Insurance... Main Bid Scheduled for March

It has been revealed that more than two companies participated in the preliminary bidding for Yebyeol General Insurance, the bridge insurer for MG Non-Life Insurance.

According to industry sources on January 23, at least two companies submitted letters of intent to acquire Yebyeol General Insurance in the preliminary bidding conducted by the Korea Deposit Insurance Corporation (KDIC) by 5 p.m. that day. The KDIC plans to review the letters of intent, grant about five weeks of due diligence to qualified potential buyers, and proceed with the main bidding around March.

The KDIC has made several attempts to publicly sell MG Non-Life Insurance since it was designated as an insolvent financial institution in April 2022. Although Meritz Fire & Marine Insurance was selected as the preferred bidder at the end of 2024, the deal continued to fall through.

In September of the previous year, the Financial Services Commission resolved to transfer MG Non-Life Insurance's contracts and suspend its operations, resulting in all insurance contracts and assets being moved to the bridge insurer, Yebyeol General Insurance. Even after the public sale is completed, the insurance contracts will be transferred to the new acquirer under the current terms, ensuring that policyholders experience no disadvantages or changes.