Tycoon Richard Li's insurer FWD files for US$3b US IPO

[HONG KONG] FWD, the acquisitive Asian insurer backed by billionaire Richard Li, has filed confidentially for a US initial public offering, moving ahead with preparations for a long-awaited listing.

The holding company of FWD and FWD Group has confidentially submitted a draft registration with the US Securities and Exchange Commission for the planned share sale, according to a statement on Thursday.

The statement, which confirms an earlier Bloomberg News report, didn't specify the size and timeline of the offering.

FWD's business spans South-east Asia, Japan and Hong Kong. It has been considering raising about US$3 billion in a US IPO as soon as in the third quarter, Bloomberg News reported in April. The listing could value the insurer at more than US$15 billion, people with knowledge of the matter said at the time.

The insurer considered a range of options over the past few months including a first-time share sale in Hong Kong, Bloomberg News reported in September.

FWD has also weighed plans such as a US listing through a merger with a special purpose acquisition company, the people have said.

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Founded in 2013, FWD has made numerous acquisitions across Asia in recent years. It has a presence in countries including Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, according to its website.

Its minority shareholders include fellow insurer Swiss Re AG as well as GIC Ventures, RRJ Capital and Hopu Investments.

BLOOMBERG