EY Hanyoung was selected as the project management organization (PMO) responsible for conducting the asset and liability due diligence of Yebyeol Insurance, a bridge insurance company, and transferring contracts to the five major non-life insurance companies: Samsung Fire & Marine Insurance, DB Insurance, Meritz Fire Insurance, KB Insurance, and Hyundai Marine & Fire Insurance.
According to the financial sector on the 8th, the Korea Deposit Insurance Corporation announced that it finalized the selection of EY Hanyoung in the bidding for the 'Project Management Organization (PMO) for the transfer and organization of bridge insurance company contracts,' which had been ongoing since last month. It is reported that other bidders included Samjong KPMG, Samil Accounting Corporation, and EY Hanyoung. The Korea Deposit Insurance Corporation awarded the highest score for both price and non-price evaluation of the proposal submitted by EY Hanyoung.
EY Hanyoung is set to begin the asset and liability due diligence for Yebyeol Insurance as early as next week. It will then handle all necessary processes for the transfer of contracts to the five major insurance companies. However, if Yebyeol Insurance is successfully sold during the transfer process, EY Hanyoung will halt its work and withdraw.
In May, financial authorities announced plans to transfer MG Non-Life Insurance contracts to the five major insurance companies through a bridge insurance company. This is due to the financial instability of MG Non-Life Insurance, which cannot maintain its existing contracts properly. Financial authorities are also pursuing the resale of MG Non-Life Insurance along with the contract transfer.