Fortis Insurance Asia

Infobox_Company
company_name = Fortis Insurance Asia
company_
company_type = Subsidiary
company_slogan = None
foundation = Hong Kong (1994)
location = Hong Kong, China
key_people = Francis T F Yuen, Chairman
Richard Li, chairman of parent company Pacific Century Development
num_employees = -
products = Insurance
homepage = [http://www.pcihl.com/ www.pcihl.com]

Fortis Insurance Asia 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. [ [http://www.pcihl.com/assets/PDF/company_announcement/2007/0302/ChairmanStatement_e.pdf PCI Announcement] ] . Prior to then the company was called Pacific Century Insurance Holdings Limited (PCI, sehk|0065), was separately listed in Hong Kong, and was controlled by Pacific Century Regional Developments Limited (PCRD), the parent company of PCCW.

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. [ [http://www.pcihl.com/about_us/english/milestones.htm From PCI Official Website] ] 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.

hareholder information

*Pacific Century Regional Developments Limited 47.9%
*China Insurance Group 11.3%
*Public 40.8%

References

External links

* [http://www.pcihl.com Official homepage]