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Swiss Re has announced that it has entered into an agreement with Pacific Century Group to invest up to $425m in FWD Group, confirming Swiss Re's commitment to the High Growth Markets. Swiss Re's investment in FWD Group 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. Swiss Re's ultimate ownership stake in FWD will be determined based on the amount of committed capital eventually deployed. In February, 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. Swiss Re's Group ceo Michel M. Liès comments "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. |
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