MG Non-Life Insurance likely to be put back on selling block

SEOUL, June 30 (Yonhap) -- Financially troubled MG Non-Life Insurance Co. may be put back on the selling block after the country's financial regulator and the company's labor union tentatively agreed on the matter, industry sources said Monday. In May this year, the Financial Services Commission said it has decided to liquidate MG Non-Life Insurance and its policy contracts would be transferred to five non-life insurers via a "bridge insurance company." MG Non-Life Insurance has been on the selling block before after being designated as a financially weak company by the financial watchdog in April 2022. So far, four rounds of bids to sell the insurer have fallen through. Meritz Financial Group decided to drop its status as preferred bidder for the non-life insurer in March this year, citing differences with its labor union over job security. As of end-March this year, MG Non-Life Insurer held 1.51 million policy contracts, 90 percent of which are about illness and damage, and it has some 1.24 million policyholders. This photo shows the corporate logo of MG Non-Life Insurance Co. (Yonhap) sam@yna.co.kr(END)

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SEOUL, June 30 (Yonhap) — Financially troubled MG Non-Life Insurance Co. may be put back on the selling block after the country’s financial regulator and the company’s labor union tentatively agreed on the matter, industry sources said Monday.

In May this year, the Financial Services Commission said it has decided to liquidate MG Non-Life Insurance and its policy contracts would be transferred to five non-life insurers via a “bridge insurance company.”

MG Non-Life Insurance has been on the selling block before after being designated as a financially weak company by the financial watchdog in April 2022.

So far, four rounds of bids to sell the insurer have fallen through.

Meritz Financial Group decided to drop its status as preferred bidder for the non-life insurer in March this year, citing differences with its labor union over job security.

As of end-March this year, MG Non-Life Insurer held 1.51 million policy contracts, 90 percent of which are about illness and damage, and it has some 1.24 million policyholders.