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Insurer FWD Group to buy majority stake in Malaysia's Gibraltar BSN

Reuters SG
·1-min read

SINGAPORE, Feb 20 (Reuters) - Insurance firm FWD Group Holdings Ltd said on Monday it had agreed to buy a majority stake in Malaysian insurer Gibraltar BSN Life Bhd for an undisclosed price, expanding its presence in the country's full-service insurance business.

The Asia-focused insurer, which has been in Malaysia since 2019 as a provider of takaful, or Islamic insurance, products, is acquiring a 70% stake in Gibraltar BSN with other investors who were not named, it said in a statement.

The stake is being sold by The Prudential Insurance Company of America, a unit of U.S.-based Prudential Financial Inc , FWD said, adding that Malaysia's Bank Simpanan Nasional would continue to hold the remaining 30% stake in Gibraltar BSN.

The deal is expected to close in the second quarter, FWD added. Gibraltar BSN and Prudential Financial did not respond immediately to requests for comment.

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The Malaysia business expansion comes after FWD in September updated its Hong Kong initial public offering (IPO) prospectus, keeping in play its plans for a listing in the city, although the documents did not identify a timeline or potential deal size.

The company, majority owned by Hong Kong tycoon Richard Li, has previously said it is interested in raising at least $1 billion from the IPO. (Reporting by Yantoultra Ngui; Editing by Jamie Freed)