Swiss Re to invest up to $425 mln in Richard Li's insurance venture
HONG KONG Oct 16 (Reuters) - Swiss Re has agreed to invest as much as $425 million in Hong Kong business man Richard Li's insurance venture, FWD Group, the Swiss reinsurer said in a statement on Wednesday.
Swiss Re is initially buying a 12.3 percent stake in FWD for an undisclosed amount and will also help fund FWD's planned expansion across Asia, the statement said.
Swiss Re said its ultimate ownership stake in FWD will be determined based on the amount of committed capital eventually deployed.
Li, the younger son Asia's richest man Li Ka-shing, last year acquired ING Groep's Hong Kong, Macau and Thailand insurance units for $2.1 billion in cash, marking his return to an industry he exited in 2007. Those operations were renamed as FWD in August this year. (Reporting by Denny Thomas; Editing by Edwina Gibbs)