By Yonhap | March 13, 2025<\/p>\n
Financially feeble MG Non-Life Insurance is facing a looming liquidation as a potential buyer announced the termination of a takeover deal Thursday.<\/p>\n
Meritz Financial Group said earlier in the day that it has decided to drop its status of preferred bidder for the non-life insurer, citing differences with its labor union over job security.<\/p>\n
Meritz Non-Life Insurance, the group’s unit, was selected as a preferred bidder for MG Non-Life Insurance in December.<\/p>\n
After being designated as a financially weak company by the financial watchdog in April 2022, MG Non-Life Insurance has been on the selling block.<\/p>\n
So far, four rounds of a sale bid to sell the insurer have fallen through.<\/p>\n
The Financial Supervisory Service, the country’s financial watchdog, said the insurer’s financial footing has continued to weaken and that it should deal with the matter in accordance with principles and laws.<\/p>\n
The insurer’s capital adequacy ratio under the Korean Insurance Capital Standard (K-ICS), a barometer of a financial company’s financial stability, stood at 43.4 percent at the end of September, far lower the legally required threshold of 100 percent.<\/p>\n
The Korea Deposit Insurance Co., which has been seeking to sell the insurer, said earlier it would consider all possible options, including liquidation, should Meritz Financial nix its takeover bid.<\/p>\n
MG Non-Life Insurance has some 1.24 million policyholders.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Yonhap | March 13, 2025 Financially feeble MG Non-Life Insurance is facing a looming liquidation as a potential buyer announced the termination of a takeover deal Thursday.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-2009","post","type-post","status-publish","format-standard","hentry","category-korea","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/2009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=2009"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/2009\/revisions"}],"predecessor-version":[{"id":2010,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/2009\/revisions\/2010"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=2009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=2009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=2009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}