FWD Group, the insurance arm of Asia-based Pacific Century Group, has acquired a 90% stake in Singapore’s group medical insurance provider Shenton Insurance from Parkway Holdings, 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.

FWD said Singapore’s role as ASEAN’s pre-eminent financial services and risk management hub makes it a strategically important market for FWD.

Huynh Thanh Phong, group CEO of FWD, said: "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."

FWD said it 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.

Shenton Insurance is a large medical insurer in Singapore specialising in corporate healthcare. Its network of healthcare providers include about 300 panel general practitioners island-wide and over 500 medical specialists.

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By GlobalData