The Korea Deposit Insurance Corporation (KDIC) has initiated steps for the sale of MG Insurance, previously known as MG Non-Life Insurance.
This follows a failed auction in April 2026, where Korea Investment Holdings was the sole bidder for the company. Another local insurer, Heungkuk Fire & Marine Insurance has since evinced interest in participating in the bidding process, potentially altering the dynamics of the sale. The final decision will be based on the results of the due diligence and the terms of acquisition.
KIDC hopes to select a preferred bidder by mid-July and may also consider a negotiated contract if necessary. Conversely, if no bids are received, the insurance contracts of MG Insurance will be transferred to five other insurance companies in the market - Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, KB Insurance, and Meritz Fire & Marine Insurance.