Swiss Re announced that it has entered into an agreement with Pacific Century Group to invest up to $425 million in FWD Group, describing it as a confirmation of its “commitment to the High Growth Markets.”
Swiss Re’s investment in FWD Group includes an initial investment for a 12.3 percent stake in FWD and a commitment for additional investments to fund FWD’s planned expansion across Asia.
The total transaction size, including committed capital, is $425 million. Swiss Re said its “ultimate ownership stake in FWD will be determined based on the amount of committed capital eventually deployed.”
The reinsurer also noted that “in February 2013, Asia-based private investment group Pacific Century Group completed the acquisition of ING’s life insurance operations in Hong Kong, Macau, and Thailand, and the general insurance and pensions operations in Hong Kong. The operations were renamed ‘FWD’ in August 2013.”
Swiss Re’s Group CEO Michel M. Liès commented: “FWD is an exciting new regional player which will bring attractive insurance products to help address the rapidly growing needs of consumers and significant protection gaps across Asia.”
Swiss Re’s Group Strategy Officer John R. Dacey added: “The investment in FWD affirms Swiss Re’s commitment to the high growth Asian insurance market and its strategy to execute meaningful principal investments across the primary insurance value chain.”
Swiss Re’s initial investment in FWD is expected to close in the first quarter of 2014, subject to necessary regulatory approvals.
Source: Swiss Re
Was this article valuable?
Here are more articles you may enjoy.