FWD to Buy Majority Stake in Malaysian Life Insurer Ahead of IPO

(Bloomberg) — FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has agreed to buy a majority stake in Gibraltar BSN Life Bhd., a move that allows it to tap into the Southeast Asian market’s growth potential ahead of FWD’s planned initial public offering.

FWD, along with a group of investors, will buy a 70% stake in Gibraltar BSN from a subsidiary of New York-listed Prudential Financial Inc., according to a statement on Monday. The transaction will allow FWD to make a foray into the Malaysian life insurance market. Bank Simpanan Nasional Bhd. will continue to hold the remaining 30%.