The Korea Deposit Insurance Corporation (KDIC) selected OK Financial Group as the preferred bidder for YeByeol Non-Life Insurance, the bridge insurer formerly MG Non-Life Insurance.
According to the financial industry on the 10th, KDIC plans to announce at 2 p.m. that it has selected OK Financial Group as the preferred bidder for acquiring YeByeol Non-Life Insurance. KDIC held the main bid for the resale of YeByeol Non-Life Insurance on the 30th and received final acquisition proposals from four companies: OK Financial Group, Heungkuk Fire&Marine Insurance, Korea Investment Finance, and JC Flowers.
It is said that, while proceeding with the resale process, KDIC determined the preferred bidder through a comprehensive evaluation of whether the legal acquisition requirements were met, the amount of requested funding support, and the ability to perform the contract. In the earlier main bid, only Korea Investment Finance submitted a sole bid and the process failed, after which the resale process proceeded.
YeByeol Non-Life Insurance is a bridge insurer established with 100% investment by the Korea Deposit Insurance Corporation (KDIC). Launched in September last year to take over the assets and liabilities of MG Non-Life Insurance, designated as an insolvent financial institution, it aims to carry out the maintenance and management of insurance contracts.