Read a little bit about Calvin Lo, and you’ll find the same descriptions keep coming up. This, you’ll hear, is the world’s most reclusive billionaire, the richest person you’ve never heard of, someone who dodges the limelight almost obsessively. And while that most certainly used to be true, in recent years he’s been coming out of his shell a bit—largely because Covid has completely changed his attitude to philanthropy.
Hong Kong-based Lo made his money in insurance, but not as an insurer, and not by insuring people in the traditional sense, where the idea is to offset potential future costs. Instead, his company, RE Lee, the world’s largest life insurance broker, has been in the vanguard of the explosion over the past two decades of so-called jumbo life insurance, an asset
