Tan Boon-Kee, chief strategy and business officer at FWD Group Holdings Ltd., is leaving the insurer backed by billionaire Richard Li after about four years.
(Bloomberg) — Tan Boon-Kee, chief strategy and business officer at FWD Group Holdings Ltd., is leaving the insurer backed by billionaire Richard Li after about four years.
Tan recently informed FWD of her decision to retire, the company said in response to a Bloomberg News query. She joined FWD in early 2019 and was appointed as group chief business officer, overseeing the insurer’s mergers and acquisitions as well as strategic investment activities. Prior to joining FWD, Tan was Asia Pacific head of Deutsche Bank AG’s financial institutions group.
“As FWD Group has grown and evolved, from time to time we’ve restructured our group executive committee to accommodate changes and to streamline our team,” a representative for FWD said in a statement. “This is normal course of business, and we also see these moments as opportunities to provide career growth and leadership development to our people.”
Founded 10 years ago, FWD has expanded across Asia both organically and via acquisitions. Last month, it agreed to buy a majority stake in Gibraltar BSN Life Bhd. to tap into Malaysia’s growth potential. It acquired the life insurance operations of Thailand’s Siam Commercial Bank Pcl for about $3 billion in 2019. The group also made acquisitions in Australia and Japan earlier on.
In the past two years, FWD raised a total of $1.8 billion in private placements. Investors in the placements include Apollo Global Management Inc., Canada Pension Plan Investment Board, Huatai Securities Co., Li Ka Shing Foundation, Metro Pacific Investments Corp. and Li’s investment vehicle Pacific Century Group, among others.
The company continues to work towards an initial public offering in Hong Kong this year, Bloomberg News has reported. It could seek to raise about $1 billion from the IPO, people familiar with the matter have said.
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