Friday, October 26, 2007

[The Hankyoreh, October 22 2007] German reinsurer likely to buy S. Korean online auto insurer: sources

Munich Re AG, the world's second-biggest reinsurer, is likely to take over the online auto insurance unit of South Korea's Internet portal operator Daum Communications Corp., industry sources said Monday.

According to the sources, the German company is seeking to acquire a 65 percent stake in Daum Direct Auto Insurance Co. and is likely to sign a deal with Daum Communications and LIG Insurance Co., the biggest shareholders, this month.

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