King & Wood Mallesons senior partner to chair HK insurance group
King & Wood Mallesons senior partner Ronald Arculli has been appointed as chairman of Pacific Century Group (PCG)'s new insurance business, FWD Group. Arculli, whose practices at the Sino-Australian firm include litigation, finance and real estate, has not been appointed as general counsel at the company, but is expected to assist in the legal side of the business, particularly with compliance and regulatory issues.
October 25, 2013 at 01:24 AM
2 minute read
King & Wood Mallesons senior partner Ronald Arculli has been appointed as chairman of Pacific Century Group (PCG)'s new insurance business, FWD Group.
Arculli, whose practices at the Sino-Australian firm include litigation, finance and real estate, has not been appointed as general counsel at the company, but is expected to assist in the legal side of the business, particularly with compliance and regulatory issues.
Arculli practiced as a barrister in Hong Kong from 1961 to 1974. After stints in other legal positions, he eventually founded his own law firm Arculli & Associates in 2000, which was closely associated with Australian outfit Gilbert & Tobin.
In 2005 he merged his firm with Fong & Ng to form Arculli Fong & Ng, which in July 2009 became the Hong Kong office of King & Wood.
He was previously a member of Hong Kong's Legislative Council and Executive Council, and until last year was chairman of Hong Kong Exchanges and Clearing. He is also former chairman and board member of the World Federation of Exchanges.
He is currently a trustee of the IFRS Foundation and a member of the board of the West Kowloon Cultural Authority in Hong Kong.
Arculli will continue to work as a partner at King & Wood Mallesons.
"The outlook for the insurance sector is extremely promising, given the fast emerging middle class population as Asia continues to grow and develop over the next few decades," he said in a statement.
"FWD intends to build on operations in its existing markets and expand into new ones. Sustainable financial security is what policyholders expect, especially after the 2008 global financial and economic crisis."
Private investment group PCG – chaired by Hong Kong tycoon Richard Li – bought ING's insurance operations in Hong Kong, Macau and Thailand in February for $2.14bn.
As part of the takeover, the business was renamed FWD Group in August. This month reinsurance firm Swiss Re announced it would also inject $425m into the company to become a minority stakeholder.
Related: DLA Piper's Hong Kong insurance head to leave private practice
AIG to launch Asia-Pacific adviser review as regulatory demands grow
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