FWD files for IPO
FWD Group, the Asian insurer backed by billionaire Richard Li, filed on Thursday to go public in the U.S.
In 2013, Li acquired ING Group’s life insurance units in Hong Kong, Macau and Thailand to form FWD. Today, the company operates in the Philippines, Indonesia, Singapore, Vietnam, Japan, Malaysia, and Cambodia, as well as in Hong Kong, Macau, and Thailand. It offers life and medical insurance, general insurance, and employee benefits to about 10 million customers.
According to Reuters, the FWD IPO is expected to raise $2-$3 billion. PCGI is the biggest shareholder of FWD with a 73% stake prior to the IPO. Swiss Re and an investment vehicle controlled by Li and Hopu Investment Management Chairman Fang Fenglei each own about 11% of the company.
Bottom Line: bolttech and FWD are part of the same family.