Aug 22
Fortis Acquires Majority of Pacific Century Insurance
Fortis and Pacific Century Insurance Holdings Limited, or PCI, announced that Fortis and Pacific Century Regional Developments, PCRD, have reached an agreement in which Fortis will pay 3.5 billion Hong Kong dollars for a controlling interest of more than 50 percent of PCI, a listed Hong Kong life insurer. The controlling stake is acquired from PCRD and shareholders such as Francis Yuen, the executive chairman. PCRD directors have endorsed the transaction and majority stakeholders have agreed to sell.
Peer van Harten, CEO of Fortis, said the acquisition fits with the company’s strategy to continue development in Asia. He told Market Wire, “We are excited to build upon the PCI’s successful track record driven by its highly talented and motivated sales force.”
Fortis has hoped to expand into Asia and sees the acquisition as providing a good return on its investment. The company plans to use PCI as a base for its push into Asia.
Fortis is ranked among Europe’s top 20 financial institutions and has offices in 50 countries. It has been doing business in Asia for more than 100 years. Fortis Insurance International, a wholly-owned subsidiary of Fortis, provides insurance services to personal, business and institutional customers outside Fortis’ home markets in the Netherlands and Belgium.
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