Financially feeble MG Non-Life Insurance Co. is facing a looming liquidation as a potential buyer announced the termination of a takeover deal Thursday.
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.
Meritz Non-Life Insurance Co., the group’s unit, was selected as a preferred bidder for MG Non-Life Insurance in December.
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.
So far, four rounds of a sale bid to sell the insurer have fallen through.
The Financial…
