Lotte Group, a conglomerate whose businesses range from fast food to retail and construction, has joined the race to take over LIG Insurance Co., a local nonlife insurer, industry sources said Monday.

According to the sources, Lotte picked Swiss banking giant Credit Suisse as its financial advisor for the acquisition, Ernst & Young Han Young as its accounting advisor and Milliman Korea as its actuarial advisor.

“It is true that we have an interest in buying LIG Insurance,” a Lotte official said. “However, we are watching the situation since the schedule for the acquisition has yet to be set, simply having our advisors selected.”

LIG Group, a mid-sized local business group, put up a 20.9 percent stake in its nonlife insurance unit LIG Insurance to secure cash to compensate investors for losses incurred from its 2011 financial fraud scandal.

In late December, Tong Yang Life Insurance Co., South Korea’s fifth-largest insurer, said that it will bid for LIG as part of an effort to boost its presence in the country’s insurance market.

Meritz Fire & Marine Insurance Co. and other insurers are also reportedly vying to acquire LIG Insurance.

LIG Insurance recorded a net profit of 103.9 billion won ($98.3 million) in the April-September period of 2013 and revenue of 5.66 trillion won. (Yonhap News)