Bangkok--18 Oct--FWD Life Insurance
FWD Group (“FWD”), the insurance arm of Pacific Century Group (“PCG”) announces that Swiss Re has entered into an agreement with PCG, whereby Swiss Re will invest up to USD 425 million into FWD.
The agreement will consist of an initial investment for a 12.3% stake and a commitment for additional investments, as FWD seeks attractive opportunities to expand further into the pan-Asian market. The initial investment is expected to close in the first quarter of 2014, subject to regulatory approvals.
As a new and dynamic entrant to the insurance market, FWD will tap into Swiss Re’s greater global insights and broad industry perspectives. This addition to its shareholder base will further enhance the already strong foundations established by FWD’s experienced team.
Julian Lipman, COO of FWD Group, said: “With their rich heritage of innovation and excellence in the insurance sector, FWD is delighted to have Swiss Re, one of the industry’s leaders, as an investor in its quest to build a pan-Asian life insurance platform.”
Richard Li, Chairman of PCG, said: “As we look to build FWD for the long-term, Swiss Re’s commitment to Asia is entirely consistent with our aspirations to create a leading life insurer across the region. I am excited at the prospects for FWD to pursue opportunities that the insurance industryhas not yet been able to realise.”