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Pacific Century Group's insurance arm FWD acquires stake in Shenton Insurance
FWD Group, the insurance arm of Asia-based Pacific Century Group, on Thursday said it has acquired a 90 per cent stake in group medical insurance provider Shenton Insurance Pte Ltd from Parkway Holdings Limited.
Parkway Holdings Limited is an indirect wholly-owned subsidiary of IHH Healthcare Berhad, which said in a filing to the local bourse that the deal was for about S$28.4 million.
Following this deal, Shenton will cease to be a subsidiary of Parkway Holdings.
Shenton will be rebranded to FWD in due course.
Singapore is the third new market in FWD's regional footprint which now includes Indonesia and the Philippines, in addition to Hong Kong, Macau and Thailand.
"As a leading and well-regulated financial centre, Singapore combines robust, high standards with a business-friendly environment. Its role as Asean's preeminent financial services and risk management hub makes it a strategically important market for FWD - aligned to its pan-Asian growth aspirations and providing connectivity to the region," the group said.
FWD said that it will continue with its existing business and intends to invest in expanding the business in Singapore and is committed to growing its activities in the region.