Singapore, 14 April, 2016 – FWD Group (“FWD”), the insurance arm of Asia-based Pacific Century Group, is pleased to announce that it has acquired a 90% stake in group medical insurance provider Shenton Insurance Pte Ltd (“Shenton”) from Parkway Holdings Limited, an indirect wholly-owned subsidiary of IHH Healthcare Berhad. Shenton will be rebranded to FWD in due course.
Singapore is the third new market in FWD’s regional footprint which now includes Indonesia and the Philippines, in addition to Hong Kong, Macau and Thailand. As a leading and well-regulated financial centre, Singapore combines robust, high standards with a business-friendly environment. Its role as ASEAN’s pre-eminent financial services and risk management hub makes it a strategically important market for FWD – aligned to its pan-Asian growth aspirations and providing connectivity to the region.
“FWD is dedicated to changing the way people feel about insurance across Asia, and Singapore is a fundamental part of our vision to become a leading pan-Asian insurer,” said Mr Huynh Thanh Phong, Group CEO of FWD. “The Shenton management team have built a strong foundation for FWD in the country.”
FWD is focused on creating fresh customer experiences with easy-to-understand insurance solutions supported by digital technologies. The company will continue with its existing business and intends to invest in expanding the business in Singapore and is committed to growing its activities in the region.