Richard Li’s FWD poised to buy AIG unit in first Japan foray

(Nov 15): Hong Kong tycoon Richard Li is poised to buy American International Group Inc.’s Fuji Life Insurance Co. business, a deal that marks his FWD Group’s first foray into Japanese insurance.

AIG will continue to offer property-casualty coverage in the Asian country, the New York-based company said Monday in a statement announcing the sale, without disclosing terms. The agreement marks FWD’s entry into Japan since its 2013 founding, according to the statement.

The purchase for Li, son of billionaire Li Ka-shing, expands an insurance business that operates in Hong Kong, Macau, Singapore and Southeast Asia, and boasts more than 1.2 million customers. Meanwhile, AIG Chief Executive Officer Peter Hancock has been selling assets to simplify his company and free up funds for share repurchases. He reached a deal in August to sell a mortgage guarantor to Arch Capital Group for US$3.4 billion ($4.8 billion).

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