MG Non-Life Insurance shifts from liquidation to sale under new administration

Financial authorities are once again pursuing the sale of MG Non-Life Insurance, shifting from their initial plan to liquidate the company through the establishment of a bridge insurer, according to government and industry sources Tuesday. After four failed attempts to sell MG Non-Life, authorities last month opted to proceed with liquidation through the establishment of a bridge insurer — a move aimed at safeguarding policyholders. The abrupt policy reversal comes just six weeks after that decision and follows the inauguration of the Lee Jae Myung administration on June 4, amid pressure from the company's labor union. The move has already drawn criticism, as the initial liquidation plan had been crafted after careful deliberation to minimize potential harm to policyholders. MG Non-Life's labor union has been staging a hunger strike in front of the presidential office, voicing opposition to the plan to liquidate the company. The union argues that the plan fails to ensure job security for the firm's 521 employees. When announcing the liquidation plan on June 14, authorities said they wouWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times