KDIC Selects OK Financial Group Affiliate as Preferred Bidder for Yebyeol General Insurance
Evaluation of Final Acquisition Proposals from Four Companies
Negotiations for Sale and Signing of Stock Purchase Agreement Underway
The Korea Deposit Insurance Corporation (KDIC) has selected OK Next, an affiliate of OK Financial Group, as the preferred bidder for the public sale of Yebyeol General Insurance.
On July 10, KDIC announced that OK Next was chosen as the preferred bidder after reviewing final acquisition proposals from four companies in the rebid for the public sale of Yebyeol General Insurance, which closed on June 30. KDIC determined the preferred bidder through a comprehensive evaluation, which included a preliminary review of the legal eligibility for acquisition, an assessment of the requested financial support amount, and an evaluation of contract performance capability.
KDIC plans to grant OK Next an exclusive negotiation period and proceed with subsequent steps, including negotiations over sale conditions and the signing of a stock purchase agreement. A KDIC official stated, "We will do our utmost to ensure the sale and liquidation procedures are completed swiftly for the protection of policyholders and normalization of Yebyeol General Insurance."
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Yebyeol General Insurance is a bridge insurer established last year to take over insurance contracts from MG Non-Life Insurance. MG Non-Life Insurance was designated as a financially troubled institution by the Financial Services Commission in 2022 and has since attempted public sale several times, but each attempt has failed.
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