Billionaire Calvin Lowe looks to increase investment in Formula One after Williams

Hong Kong-based billionaire Calvin Lowe is considering pouring more money into Formula One following his ties to F1 team Williams, Lowe told Reuters in an interview, adding that other Asian investors are also interested in investing in the sport. are interested

Lowe, chief executive of insurance broker RE Lee International, confirmed he has “some exposure” to Williams, following the 2020 purchase of the team by US-based private equity firm Dorlton Capital. He declined to give further details, citing a non-disclosure agreement, according to media reports Dorilton Capital invests for Lo.

“A lot of people, myself included, are still looking for other teams, other opportunities, because … there are consistently good teams but they just can’t come up with the right car,” Lowe said. “In Asia right now, there’s so much liquidity sitting there, it’s mind-blowing. I wouldn’t be surprised if the next news you hear is…maybe a consortium in Asia investing in some other teams,” he said. You have been.” Lowe did not name the teams attracting investor interest. Formula One currently has 10 teams, with any new entrants accepted. The $200 million fee is to be distributed among existing teams. Must pay.

Current teams include Ferrari-powered Haas, whose title sponsor was Belarusian-born chemical billionaire Dmitry Mazepin until it was sanctioned by the European Union following Russia’s invasion of Ukraine in March. Haas declined to comment on the investment talks. Williams has suffered financially as a Formula One car constructor because, unlike its manufacturer-owned rivals, there is no road car business behind it, Lowe said. Williams made a loss in 2019, before selling last year

Pandemic Insurance Boost

RE Lee operates in Hong Kong and internationally, arranging life insurance policies for ultra-high net worth individuals through major insurers such as Prudential and Manulife. The broking firm has already written policies with premiums totaling $1.2 billion in the first half, roughly the same as its business. For all of 2021, which itself was a record year, Lowe said.

Covid-19 has increased the demand for life insurance for the super-rich, as they have become more aware of their own mortality. “Yes,” Lowe said. “The demand for our services is high.” He said the past loose financial environment kept the super-wealthy plenty of cash, and life insurance helped reduce the tax burden from the old to the new generation.

Also Read- CWG 2022: India wins historic gold medal in women’s fours lawn bowls

Payments on policies give wealthy families access to ready cash that can be used to pay inheritance tax bills. These policies can cost hundreds of millions of dollars. Lowe is looking to set up an office in London this year to serve the 8-9% of its clients that have a UK presence. Lowe also runs a wealth management business and is looking to buy one. Commercial property in London, though he said it is not without risk.

“Property prices in the UK are expensive, some would argue overvalued,” he said, adding that “it’s almost hard to value, every property is so old.” Lowe bought the five-star Mandarin Oriental Taipei in 2018 for $1.2 billion and is considering a similar investment in London.

Read all Latest news And Latest news Here