Samjong KPMG has been selected as the financial advisor for the sale of YeByeol Non-Life Insurance, a bridge insurance company for MG Non-Life Insurance.
According to financial authorities on the 8th, the Korea Deposit Insurance Corporation (KDIC) finalized Samjong KPMG as the financial advisor for the sale of YeByeol Non-Life Insurance, a process that began last month. It is reported that Samjong KPMG was the only participant in the bidding. The KDIC is said to have awarded the highest score to the proposal submitted by Samjong KPMG.
Samjong KPMG also served as the financial advisor in the public sale of MG Non-Life Insurance that took place last year. At that time, Meritz Fire and Marine Insurance was selected as the preferred bidder, but the deal did not finalize.
Samjong KPMG will begin the sale process of YeByeol Non-Life Insurance next week in conjunction with the KDIC. According to the agreement with the labor union of MG Non-Life Insurance, the sale will occur only once, and regardless of whether it is successful, Samjong KPMG will conclude its work.
In May, financial authorities announced that they would conduct the transfer of MG Non-Life Insurance contracts to the five major non-life insurers (Samsung Fire and Marine Insurance, Meritz Fire and Marine Insurance, DB Insurance, KB Insurance, Hyundai Marine & Fire Insurance) through a bridge insurance company, as financially troubled MG Non-Life Insurance could not maintain existing contracts normally.
Financial authorities have decided to promote the sale of YeByeol Non-Life Insurance along with the transfer of contracts. This month, the authorities transferred all insurance contracts of MG Non-Life Insurance to YeByeol Non-Life Insurance, suspended operations of the existing company, and YeByeol Non-Life Insurance has begun searching for potential buyers.