Schimek lands top job at FWD as insurer mulls IPO

FWD Group, the fast-growing Asian multi-line insurance group that is owned by Pacific Century Investment group (PCI), has hired Robert Schimek as managing director and group chief operating officer. Mr Schimek’s appointment came days after news agency Bloomberg reported that the founder and chairman of PCI and FWD – Hong Kong billionaire Richard Li – is planning a potential initial public offering (IPO) of FWD Group, which has been built through acquisitions since 2013, people familiar with the matter said. Swiss Re is also an investor in FWD with a stake of almost 13%. FWD did not officially comment on the supposed IPO plan but Bloomberg reported that sources close to the company said it could take place as soon as the next couple of years. FWD has reportedly held preliminary discussions with investment banks about the possible IPO, and Hong Kong is supposedly under consideration as a possible listing venue, Bloomberg reported. FWD manages more than $26.6bn of assets and had in excess of 2.7 million customers spread across eight Asian markets at the end of 2017. Mr Li formed the company after spending $2.1bn to buy ING Groep NV’s insurance and pension units in Hong Kong, Macau and Thailand. Mr Schimek would appear to be the right man to lead FWD onto its next stage. He was a high-flyer at AIG, where he was most recently president and CEO of the US insurance giant’s global commercial insurance business. In this role he was responsible for the company’s global property, casualty, financial lines and specialty products and services. Before that role he was chief executive officer of the Americas for AIG, responsible for its insurance operations in the United States, Canada, and Latin America. Prior to that, he served as president and chief executive officer of Europe, the Middle East and Africa and previously served as the chief financial officer of AIG’s global property casualty business. Before joining AIG, Mr Schimek was a partner at Deloitte & Touche for 18 years. He was tipped by some for the top slot at one stage as former AIG CEO Peter Hancock battled to stop the group from being broken up by activist investor Carl Icahn. Mr Hancock finally resigned in May of last year but was replaced by Brian Duperreault, former CEO of Marsh and ACE in Bermuda. Mr Duperreault rapidly carried out a restructure of AIG and slimmed down senior management. Mr Schimek sought fresh pastures and has landed himself the top role at FWD, and has moved to Hong Kong to drive the further expansion of the group that was created in 2013. Huynh Thanh Phong, FWD Group CEO, said: “We are delighted to expand our executive leadership team with such a great international talent as Rob. His extensive knowledge and experience in the global insurance industry will make him an invaluable source of insight and additional leadership to FWD. Rob will work closely with myself and our group executive team to build on our successful expansion and future growth.” Mr Schimek said: “I am looking forward to embracing the opportunities ahead together with FWD’s energetic and accomplished team. As one of the fastest-growing insurers in Asia, FWD has a compelling vision to change the way people feel about insurance. This vision and the values of the company resonated strongly with me, and I am thrilled to be coming on board at this exciting time in FWD’s journey.”

Schimek lands top job at FWD as insurer mulls IPO

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