Han Seung-pyo, founder of major insurance agency Goodrich, notified JC Partners in mid-June of his intent to exercise a call option to recover management rights. JC Partners acquired a 60% stake in Goodrich in 2022 at an enterprise value of KRW 350 billion. Goodrich's estimated current enterprise value stands at approximately KRW 650 billion, reflecting operating profit growth to KRW 55.2 billion in 2025 from a KRW 2.7 billion operating loss in 2022. Han is exploring funding arrangements with multiple financial investors including Bayside PE, founded by former Korea Investment & Securities executives, and strategic investors from the insurance sector. The call option expires in mid-September, leaving approximately two months to secure an estimated KRW 400 billion needed for the full buyback.
Goodrich Valuation Nearly Doubles Since 2022 Acquisition
JC Partners purchased the 60% stake in 2022 with participation from Hanwha Life Insurance (KRW 20.7 billion) and Meritz Fire & Marine Insurance (KRW 35.9 billion) as limited partners. Goodrich recorded revenue of KRW 644.6 billion and operating profit of KRW 55.2 billion in 2025, the company's largest annual performance to date. The number of insurance agents, a key profitability indicator for GA firms, increased from 4,033 in 2022 to 6,041.
Call Option Deadline Set for Mid-September
Han's call option expires in mid-September. To recover the remaining stake in full, Han requires approximately KRW 400 billion based on the revised enterprise value. If Han does not exercise the option within the deadline, JC Partners will proceed with subsequent steps under the original agreement structure.
JC Partners Prepares Continuation Fund and Sale Alternatives
JC Partners previously advanced a continuation fund in co-general partner structure with Daily Partners and secured letters of commitment from major investors. The firm paused related procedures after Han's call option exercise became more likely. If the option exercise fails, JC Partners plans to either replace investors through the continuation fund or sell management rights to major insurance companies.
Han Seung-pyo Cites Performance Gains and Industry Growth
Han remained in operational leadership after transferring majority ownership to JC Partners and contributed to Goodrich's growth trajectory. According to industry sources, Han's decision to pursue management rights recovery reflects his continued attachment as founder and the sustained growth of the GA sector. An investment banking official stated that the key factor is whether funding can be completed within the remaining two months, adding that insurance sector demand for large GA firms continues to increase and that JC Partners retains multiple options if the call option exercise does not proceed.
FAQ
What did Han Seung-pyo notify JC Partners about in mid-June?
Han Seung-pyo notified JC Partners in mid-June of his intent to exercise a call option to recover management rights in Goodrich.
When does Han Seung-pyo's call option expire?
The call option expires in mid-September, leaving approximately two months from the date of notification.
What is Goodrich's current estimated enterprise value?
Goodrich's estimated current enterprise value is approximately KRW 650 billion, nearly double the KRW 350 billion valuation at the time of JC Partners' 2022 acquisition.
