TWG Global Valuation, Funding & Investors

Suning Sports is the sports arm of Chinese retail and property conglomerate Suning Holdings Group, headquartered in Nanjing, Jiangsu, and incorporated as Jiangsu Suning Sports Industry Co., a joint venture of Suning Holdings, which owned 90% at the end of 2016, and Suning Appliance Group. It built a business spanning sports media, over-the-top streaming, sports retail and youth training. Its digital platform PP Sports bought Chinese broadcast rights to major football competitions, including the Premier League, La Liga, Serie A, Ligue 1, the Chinese Super League and, from 2018-19, exclusive television and online rights to the Bundesliga for five seasons, along with AFC competitions and WWE, earning revenue from subscriptions and advertising. It opened its first flagship fan store in Nanjing in 2017, planning 152 stores by 2020, and developed grassroots training programmes. Through its Hong Kong subsidiary Suning Sports International, it sits above Great Horizon, the vehicle through which Suning bought a majority stake in Inter Milan in 2016, and the group also owned Chinese Super League club Jiangsu Suning. In July 2018 Suning Sports raised a $600 million Series A led by Goldman Sachs and Alibaba, with Evergrande, Yunfeng Capital, SenseTime, CCB International and others, valuing it at about $2.6 billion. Under financial strain, Suning halted operations at its Chinese football clubs, including champions Jiangsu, in February 2021.

Corgi Insurance Services is a San Francisco-headquartered AI-native insurance carrier automating underwriting, policy issuance, claims processing, and customer service via autonomous agents. It manages subsidiaries like Beagle Underwriting and Poodle Claims under a canine branding theme, targeting personal and small business lines.

Fairfax Financial is a Canadian diversified financial holding company headquartered in Toronto, built around property and casualty insurance and reinsurance. Through 26 decentralised insurance companies, including Odyssey Group, Brit Insurance and Crum & Forster, it writes about $33 billion of gross premiums a year and ranks among the top 20 property and casualty insurers worldwide. It earns from underwriting and from investing its insurance float: its consolidated investment portfolio, managed by Hamblin Watsa Investment Counsel with a long-term value approach, exceeds $70 billion. Fairfax also owns non-insurance businesses in consumer services, retail, logistics, agriculture, hospitality and banking, including Recipe Unlimited, Sleep Country Canada and Bauer Hockey. The company traces back to Markel Service of Canada, incorporated in 1951; V. Prem Watsa took control of Markel Financial, a trucking-insurance specialist, in 1985 and renamed it Fairfax Financial Holdings in 1987, and he remains chairman and chief executive with the controlling voting interest. Since 1985 book value per share has compounded at 18.7% a year. In 2025 Fairfax reported revenue of $33.6 billion, net income of $4.77 billion and total assets of $107.8 billion, with more than 60,000 employees. It is listed on the Toronto Stock Exchange and is a member of the S&P/TSX 60 index.

Prudential Financial is one of the largest US life insurers, offering annuities, life insurance, and asset management products. The United States and Japan are its two largest markets. Its US business contributed about 50% of adjusted 2025 earnings and includes institutional retirement (mostly pension risk transfer), individual retirement (annuities), group insurance, and individual life insurance. Its international business represented about 39% of adjusted earnings, with a strong market position in Japan, and the firm also has a presence in emerging markets like Brazil. The company's investment management business, PGIM, contributed approximately 11% of its 2025 adjusted earnings. PGIM had around $1.47 trillion in assets under management at the end of the fourth quarter of 2025.

Sompo Holdings is a Tokyo-listed insurance holding company formed in 2010. Through group businesses including Sompo Japan, it underwrites property-and-casualty insurance and provides related financial, health and care services to individuals and businesses. The group earns premiums and investment income by assuming and managing insurance risk rather than through software subscriptions. Its Japanese non-life operations include motor, fire, accident and liability products, while international subsidiaries serve commercial and specialty markets. Sompo also forms strategic technology partnerships intended to improve underwriting, safety and customer service. In April 2026 it invested in United Kingdom digital motor insurer Zego and agreed to explore telematics-based insurance products for Japan. The partnership combines Sompo’s market and insurance capabilities with Zego’s artificial-intelligence and driving-data platform.

Established in 1988, China Pacific Insurance is China's third-largest life insurer and third-largest general property and casualty insurer, with headquarters in Beijing. The company strives to create an integrated financial services platform that encompasses insurance, banking, and asset management. CPIC's major shareholders are state-owned companies related to the Shanghai government.

EQT is a Swedish global private markets investment firm, formally EQT AB, headquartered in Stockholm and listed on Nasdaq Stockholm. It was founded in 1994 by Investor AB, SEB and AEA Investors, with Conni Jonsson as founding chairman, and is associated with the Wallenberg family. Its funds invest in private equity, infrastructure, real estate, growth equity and venture capital across Europe, North America and Asia-Pacific, and it runs a private wealth business. EQT ranks second globally in private equity and fifth in infrastructure by capital raised. Together with Coller Capital it reported about €341 billion of assets under management in the second quarter of 2026, and its portfolio companies employ more than 550,000 people across over 330 companies. It set up EQT Ventures in 2016, listed in 2019, bought Life Sciences Partners in 2021 and Baring Private Equity Asia in 2022. Well-known investments include the software company IFS, the pest-control group Anticimex, SUSE, Zayo Group and the Swedish fibre operator IP-Only. It is led by chief executive Per Franzén and chairman Jean Salata, and earns management fees and carried interest.

Dai-ichi Life is Japan's second-largest life insurer (excluding the recently privatized Japan Post Insurance), commanding 11% of annualized net premiums. Unlike its largest domestic rivals—Nippon Life, Meiji Yasuda, and Sumitomo Life—which remain mutually owned by policyholders, Dai-ichi Life demutualized and listed on the Tokyo Stock Exchange in 2010. The group's profit profile is geographically diversified: its main domestic operating company contributes roughly 60% of profits; Frontier, its bancassurance subsidiary focused on savings products, adds around 10%; Protective Life (based in Alabama) accounts for about 15%; TAL in Australia contributes 7%; and Dai-ichi Life Vietnam generates about 5%. Additionally, the group holds a 30% economic interest in Mizuho's Asset Management One.

American International Group (AIG) is a New York City-based multinational insurance and finance corporation with operations in more than 200 countries and jurisdictions. It primarily provides commercial and personal property and casualty insurance, liability, accident and health and specialty insurance, together with risk management and multinational insurance services for businesses and individuals. It serves 87% of the Fortune Global 500, earns premiums and investment income, and in 2025 reported revenue of USD 26.77 billion and net income of USD 3.1 billion with about 22,100 employees. During the 2008 financial crisis the Federal Reserve bailed the company out and took a controlling stake, and AIG repaid the US government USD 205 billion by 2012. It has since separated its life and retirement business as Corebridge Financial, in which it retains a minority stake. AIG was founded on 19 December 1919 in Shanghai by Cornelius Vander Starr.

Power Corporation of Canada is a holding company with controlling interests in Great-West Lifeco (one of the Big Three Canadian life insurers), IGM Financial (Canada's largest nonbank asset manager), and other alternative-asset management platforms (Sagard and Power Sustainable). Great-West and IGM Financial contribute to over 85% of Power's value. The company also has minority interests in Groupe Bruxelles Lambert, a holding company with interests in European firms.

Talanx is the third largest insurer in Germany. It sells insurance to businesses, individuals, and reinsurers other insurers. The origins of Talanx go back to the early 1900s and the founding of two mutuals in Germany, HDI and FSV, that were set up to provide liability insurance to the German iron and steel industry, and fire insurance to the German mining industry as a result of a growing dissatisfaction with providers of insurance. These two mutuals merged to form Halfplichtverband der Deutschen Industrie, or HDI, in 1970. Over the years companies outside of metals and mining have joined the mutual. HDI started providing reinsurance services in the mid-1920s, and individual insurance in the 1950s. HDI owns just over three-quarters of the Talanx share capital.

Samsung Life Insurance Co Ltd is engaged in the life insurance business. It provides a broad mix of insurance, savings and financial services. Its offerings include life, health and pension insurance, along with property-related coverage. It also extends credit and mortgage loans, retirement products, trust services and investment management solutions. These services support customers in protecting their finances and planning for long-term growth across life, health, assets and retirement needs.

Sun Life Financial is one of the Big Three Canadian life insurers. The Canadian business contributed around 38% of adjusted earnings. In that segment, the firm provides health, life insurance, and annuity products to individual and group customers. Its US business is mostly group health and contributed about 20% of the firm's adjusted earnings in 2024. Sun Life also offers life insurance and wealth products in several Asian markets with a strong presence in Hong Kong and the Philippines. The Asia segment contributed around 18% of adjusted 2024 earnings. Its asset management business had around CAD 1.1 trillion total assets under management or administration at the end of 2024 and represents around 34% of the firm's earnings.

The Hartford Insurance Group Inc. provides property and casualty insurance, group benefits, and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust, and integrity. The Company currently conducts business principally in five reportable segments, including Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits, and Hartford Funds, as well as a Corporate category. The company generates a majority of its revenue from Business Insurance.

PICC Group, headquartered in Beijing, is the largest state-owned insurance group in China. It holds a 69% stake in PICC Property and Casualty, an 80% stake in PICC Life, and a 69% stake in PICC Health Insurance. The P&C subsidiary is the largest nonlife insurer in the country, with approximately one-third of market share. The life insurance and health insurance subsidiaries hold about 2.9% and 1.3% of market share, respectively. The Ministry of Finance is the largest shareholder with a 61% stake, while China's Social Security Fund is the second-largest shareholder, holding nearly 13%.

Arch Capital Group Ltd is a Bermuda company that writes insurance and reinsurance with operations in the United States, Canada, Europe, Australia, and the United Kingdom. The business operates through three underwriting segments: insurance, reinsurance, and mortgage. The insurance segment provides specialty risk solutions to clients across various industries. The reinsurance segment provides reinsurance services which cover property catastrophe, property, liability, marine, aviation and space, trade credit and surety, agriculture, accident, life and health, and political risk. The mortgage business provides risk management and risk financing products to the mortgage insurance sectors through platforms in the U.S., Europe and Bermuda.

LaLiga is the Spanish professional football league association, legally the Liga Nacional de Fútbol Profesional, headquartered in Madrid, which runs Spain's two professional divisions. Formed on 27 July 1984, it groups 42 member clubs: 20 in the Primera División, branded LALIGA EA SPORTS, and 22 in the Segunda División, branded LALIGA HYPERMOTION. It centrally sells the competitions' audiovisual rights, with Movistar+ and DAZN holding broadcasting rights until 2032, and sells title and commercial sponsorship on behalf of its member clubs. Javier Tebas has chaired the organisation since 2013, and the league changed its title sponsor from Banco Santander to EA Sports from the 2023-24 season. In August 2021 its executive committee approved Boost LaLiga, a deal with CVC Capital Partners to fund technology, international growth and club investment. In December 2021, after 37 of 42 clubs approved it, LaLiga and CVC Fund VIII signed the agreement under which the league and clubs receive a total of €1.994 billion, with LaLiga valued at €24.25 billion by Rothschild & Co and Duff & Phelps.

LFP Media is the commercial subsidiary of France's Ligue de Football Professionnel (LFP), based in Paris, which holds and exploits the media and marketing rights of Ligue 1 and Ligue 2. It sells domestic and international broadcasting rights, sponsorship and licensing for the two professional divisions and passes the proceeds to the member clubs through the league. After DAZN ended its five-year domestic Ligue 1 rights contract after a single season in 2025, LFP Media launched its own direct-to-consumer streaming channel, Ligue 1+, in August 2025 at EUR 14.99 a month with a 12-month commitment, and the service passed one million subscribers. The company was created in 2022, when CVC Capital Partners' Fund VIII invested EUR 1.5 billion for a 13% stake, valuing its share capital at EUR 11.5 billion, while the LFP kept the remaining 87%. Former M6 chief Nicolas de Tavernost led LFP Media through the Ligue 1+ launch and resigned in February 2026. CVC funded about half of its commitment with debt and in February 2026 cut the value of its EUR 750 million equity contribution to about EUR 200 million, while the French Football Federation has proposed a new club-owned company, with CVC as a shareholder, to take over the running and marketing of the professional competitions.