South Korea-based MG Non-Life Insurance Co. Ltd. received conditional approval from the Financial Services Commission to proceed with its recapitalization plan, which the troubled insurer submitted in August, Yonhap News Agency reported Sept. 18, citing industry sources.
The FSC approved MG Non-Life Insurance's plan to increase equity capital by 200 billion won on the condition that the company raise the capital by the end of November from share issuance to existing and new shareholders including private equity investor JC Partners Co. Ltd.
MG Non-Life Insurance has been under the regulator's watch due to its risk-based capital ratio hovering below 100%.
As of Sept. 18, US$1 was equivalent to 1,190.49 South Korean won.
