FWD GROUP, the insurance arm of Asia-based Pacific Century Group, has acquired a 90-per-cent stake in Singaporean group-medical-insurance provider Shenton Insurance from Parkway Holdings, an indirect wholly owned subsidiary of Malaysia’s IHH Healthcare.
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 Huynh Thanh Phong, group chief executive of FWD. “The Shenton management team have built a strong foundation for FWD in the country.”
FWD says it 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.
Through its customer-led approach, FWD says it will achieve its vision to become the leading pan-Asian insurer that changes the way people feel about insurance.
FWD was established in Asia in 2013.
Shenton Insurance is one of Singapore’s largest medical insurers specialising in corporate healthcare. Its network of healthcare providers includes about 300 general practitioners and more than 500 medical specialists.