Fortis Insurance Asia

Fortis Insurance Asia

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Fortis Insurance Asia

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Description:
Ageas Insurance Company (Asia) Limited is an insurance company based in Hong Kong. It was acquired by Fortis, the Belgium and Netherlands based public finance group in 2007 for HKD3.5b. Prior to then the company was called Pacific Century Insurance Holdings Limited (PCI, ), was separately listed in Hong Kong, and was controlled by Pacific Century Regional Developments Limited (PCRD), the parent company of PCCW. After the Fortis crisis on October 2008 it is a subsidiary of Fortis Insurance International, a division of Ageas (previously Fortis Holding).

History

New Zealand Insurance Life (Bermuda) Limited was acquired and renamed Top Glory Insurance Company (Bermuda) Limited (TGI) in 1994. In the same year Pacific Century Group became the major shareholder of TGI. The name was changed again in 1999 into Pacific Century Insurance. In July of the same year the Pacific Century Insurance Holdings Limited (PCIHL) was listed on The Stock Exchange of Hong Kong Limited. Pacific Century Insurance Company Limited (PCI) became the subsidiary operating life insurance and other insurance businesses.

On 26 February 2007, the share price of PCI surged 11% before the trading was suspended pending price-sensitive announcement. Three days later, the Belgian and Dutch based Fortis group announced to acquire 50.48% stake in PCI in order to expand into Asia market.

In March 2008, IDBI Bank entered into a joint venture with Federal Bank and Fortis...
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