Pacific Century Insurance Holdings
From Wikipedia, the free encyclopedia
| Pacific Century Insurance Holdings Limited | |
|---|---|
| - | |
| Type | Public |
| Founded | Hong Kong (1994) |
| Headquarters | Hong Kong, China |
| Key people | Francis T F Yuen, Chairman Richard Li, chairman of parent company Pacific Century Development |
| Products | Insurance |
| Employees | - |
| Website | www.pcihl.com |
Pacific Century Insurance Holdings Limited (PCI, SEHK: 0065) is an insurance company based in Hong Kong. It is separately listed in Hong Kong, and is controlled by Pacific Century Regional Developments Limited (PCRD), the parent company of PCCW. On 1 March 2007, Fortis announced to acquire a majority stake in PCI from PCRD for 3.5b HKD.[1]
Contents |
[edit] 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.[2] 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.
[edit] Shareholder information
- Pacific Century Regional Developments Limited 47.9%
- China Insurance Group 11.3%
- Public 40.8%
