FWD has agreed to take a majority 70% stake in Malaysian Insurer Gibraltar BSN Life, a subsidiary of Prudential Financial. The transaction will help FWD make a push into the Malaysian life insurance market and is likely to get completed by the second quarter. The size of the deal is not known. As of end-2021, Gibraltar BSN had total assets of about $504mn. Bank Simpanan Nasional. hold the remaining 30% in Gibraltar BSN. Bloomberg notes that FWD plans to partner with Bank Simpanan to further develop and grow Gibraltar BSN. The move is part of FWD’s long-term strategy to expand across Southeast Asia.
FWD’s dollar bonds were trading stable at over 94 cents on the dollar.
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