Swiss Re to invest up to USD 425 million in FWD Group
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Swiss Re announces that it has entered into an agreement with Pacific Century Group to invest up to USD 425 million in FWD Group, confirming Swiss Re's commitment to the High Growth Markets.
Swiss Re's investment in FWD Group (FWD) consists of an initial investment for a 12.3% 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 USD 425 million. Swiss Re's ultimate ownership stake in FWD will be determined based on the amount of committed capital eventually deployed.
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 says: "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 adds: "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.
Notes to editors
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter@SwissRe.
About FWD Group
FWD is the insurance business arm of the private investment group, Pacific Century Group. FWD's business spans across Hong Kong, Macau and Thailand, offering life insurance products, as well as general insurance and pensions operations in Hong Kong. FWD’s focus is on leveraging technology to improve customer experience, deliver innovative products, and invest in talent to create a leading pan-Asian life insurer.
For more information please visit www.fwd.com.
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