SINGAPORE (Dce 12): Insurance startup Singapore Life has apparently caught the eye of City veteran Michael Spencer who is said to be in advanced talks to invest US$50 million ($68.6 million) for a controlling stake, according to a recent report by UK’s Financial Times.

Singapore Life offers a variety of term life and universal life policies and sells them online and through some private banks and brokers. The company claims to be Singapore’s fastest growing life insurer with $6.6 billion of coverage sold to date. Set up in 2014 and started operating last June, Singapore Life was the first local insurance company since 1970 to be granted a licence in the country.

With a fortune estimated at about GBP1 billion ($1.7 billion), Spencer spent his 40-year career in the building up broker Nex Group, which was sold to CME Group for GBP3.9 billion this March. He is now building a portfolio of finance and digital businesses through IPGL, his own investment company. FT says the deal under discussion would take Spencer’s stake in Singapore Life, which is worth about US$150 million, to more than 60%.

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