Excelsior Capital, a Hong Kong-based private equity firm,has begun its due diligence on PCA Life Insurance Co. Ltd., making it the third companyin the running to acquire the South Korean insurance firm, The Korea Economic Daily reported Oct. 10, citing "industrysources."
Excelsior Capital had previously expressed in bidding on the lifeinsurer.
Mirae AssetLife Insurance Co. Ltd., which is seen as the strongest candidatefor the acquisition, has already completed its inspection of PCA Life and hassubmitted a letter ofintent to acquire the insurer.
An unidentified Chinese strategic investor that is acandidate for the acquisition has yet to complete its due diligence on theinsurer and plans to submit a bid by mid-October.
PCA Life Insurance is a unit of U.K.-based .