FWD Group, the Hong Kong-based insurer backed by tycoon Richard Li Tzar-kai, will drop its New York listing plan to sell shares on its hometown exchange, after securing a group of global investors to anchor its fundraising plan, a source said.

The insurer will raise more than US$1.4 billion through a private placement of shares with a group of global investors including Apollo Global Management, the Canada Pension Plan Investment Board (CPPIB), the reinsurer Swiss Re, and the Siam Commercial…

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