SINGAPORE : 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 per cent 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 per cent 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.
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.
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