HONG KONG Oct 16 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
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)