It has been confirmed that only one preliminary acquirer took part in the main bidding for YeByeol Non-Life Insurance, the bridge insurer for MG Non-Life Insurance.
According to the financial industry on the 16th, one letter of intent was submitted for the main bidding for YeByeol Non-Life Insurance, which closed at 3 p.m. that day. Hana Financial Group, Korea Investment Holdings, and JC Flowers participated in the preliminary bidding.
With only one bidder participating in the main bidding, the Korea Deposit Insurance Corporation plans to reannounce and seek additional potential acquirers. If a sole bid continues after that, it will switch to a private contract. MG Non-Life Insurance has attempted to sell five times since 2022, but all failed. Last year, Meritz Fire & Marine Insurance was selected as the preferred negotiating partner, but the deal did not reach finalization.
Under last year's agreement with the MG Non-Life Insurance labor union, the Korea Deposit Insurance Corporation is making a final attempt this year to sell YeByeol Non-Life Insurance. If the sale falls through again, all contracts held by YeByeol Non-Life Insurance will be transferred to the five major non-life insurers (Samsung Fire & Marine Insurance, Meritz Fire & Marine Insurance, DB Insurance, KB Insurance, Hyundai Marine & Fire Insurance).