Excelsior Capital joins bid for PCA Life Korea

[THE INVESTOR] Hong Kong-based private equity firm Excelsior Capital Asia has joined the bid to acquire PCA Life Insurance, a Korean unit of UK financial group Prudential, sources said on Aug. 16.

Excelsior Capital, which has raised and managed some US$1 billion to run five funds since it was established in 1998, submitted the letter of intent on bidding participation to Goldman Sachs, the lead manager of the deal, on Aug. 15. 

PCA Life Insurance’s book value stands at around 200 billion won (US$182 million).

Excelsior Capital’s belated entrance into the bidding war comes after local insurer Mirae Asset Life was short-listed and entered into the due diligence process on PCA Life earlier this month.

Gary Lawrence, founder and CEO of Excelsior Capital, is said to be planning to reinforce PCA’s whole life insurance portfolio if it wins the deal.

By Park Han-na (hnpark@heraldcorp.com)