Yebyeol Insurance Sale Re-bidding Announced... Until June 30

Preferred Negotiator to Be Selected by Mid-July
Private Contract Considered if Needed

Financial authorities and the Korea Deposit Insurance Corporation are making another attempt to conduct a re-bidding for the public sale of Yebyeol Insurance, a bridge insurer established to address the insolvency of MG Non-Life Insurance.

Exterior view of the Korea Deposit Insurance Corporation. Korea Deposit Insurance Corporation

On May 11, the Korea Deposit Insurance Corporation announced that it would proceed with a re-announced public bidding for the sale of Yebyeol Insurance, the bridge insurer of MG Non-Life Insurance.

The previous public sale of Yebyeol Insurance failed on April 16 because only Korea Investment Holdings submitted a bid.

The KDIC explained, "Immediately after the failed auction, we sounded out acquisition intentions among potential buyers, and since some have expressed their interest in participating, we decided to proceed with a re-announced bidding process."

The re-announced bidding will take place from today until June 30. Potential bidders who are interested can conduct due diligence for approximately seven weeks before submitting their final acquisition proposals.

If valid competition is established as a result of the bidding, a preferred negotiating party will be selected by mid-July. If necessary, a private contract may be considered.

If there are no bids, the contracts will be transferred to five non-life insurance companies: Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, KB Insurance, and Meritz Fire & Marine Insurance.

The KDIC stated, "All insurance contracts of Yebyeol Insurance will be protected without any changes to the terms and policyholders will not suffer any disadvantages."

This content was produced with the assistance of AI translation services.