British tycoon buys controlling stake in insurtech Singapore Life
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INSURTECH Singapore Life has a new controlling shareholder in British billionaire Michael Spencer, who invested a further US$50 million into the Singapore-based firm late this week, Singapore Life told The Business Times. The investment is understood to have just about doubled Mr Spencer's initial stake in Singapore Life, bringing his stake to more than 60 per cent.
Mr Spencer made his fortunes from setting up UK broker Nex Group where he held an 18 per cent stake, until it was sold to CME Group for £3.9 billion (S$6.8 billion) in March 2018.
Singapore Life in January acquired the business portfolio of Zurich Life Singapore, taking over all of Zurich Life Singapore's customers' policies, that then totalled about S$6 billion of coverage for life, critical illness and disability benefits. It was started by former HSBC executive Walter de Oude.
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