FWD Group will acquire a 25% stake in Bolttech Insurance (Hong Kong) for HK$161.62m ($20.72m).
As a wholly-owned subsidiary of Bolttech Discovery Holdings, Bolttech Insurance (Hong Kong) Company specialises in underwriting general insurance within and out of Hong Kong.
Current executive director and controlling shareholder of FWD, Richard Li Tzar-kai abstained from voting on the board resolutions as he holds a material interest in both companies involved in the transaction.
FWD announced in an exchange filing that it has an opportunity to acquire a non-controlling minority stake in an established Hong Kong general insurance business, with which it shares a long-standing commercial relationship.
The move will strengthen the existing partnership in group medical insurance and boost cooperation in personal general insurance by improving product offerings, distribution, and customer service.