FWD to acquire 25% of Richard Li-backed insurer for $20.72 million
Insurer FWD Group Holdings Ltd. (1828.HK) said on Monday that it has agreed to acquire 25% of Bolttech Insurance (Hong Kong) Com Ltd. for a base consideration of $20.72 million. The stake is being purchased from Bolttech Holdings, which is 30% owned by FWD’s controlling shareholder Richard Li.
The final consideration is the base consideration less any closing adjustment, which is being determined by reference to the net asset value, solvency ratio and combined ratio of
Bolttech Insurance at the end of its latest fiscal quarter preceding completion.
FWD said the transaction allows it to acquire an interest in a well-established general insurance business operating in Hong Kong, and will further bolster collaboration in group medical insurance and personal general insurance products.
FWD shares opened flat at HK$32.34 on Monday. The stock is down over 20% from its 52-week high.
By Lau Chi Hang
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