Mitsui Sumitomo Insurance to Acquire First Capital Insurance
Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance, announced it has reached an agreement with Fairfax Financial to enter into a global partnership and to acquire First Capital Insurance, Singapore’s largest commercial property and casualty insurer.
– MSI will acquire 97.7% of the shares of First Capital Insurance
– Deal value: $1.6B
– MSI is the only non-life insurance company in the world with operations in all 10 ASEAN countries, and has the largest market share in terms of GWP for non-life insurance
– First Capital Insurance is the largest property and casualty insurance company in the Singapore market in terms of gross written premiums and a leading player in Singapore with annual profits of approximately JPY 7 billion
– The acquisition will enable MSI to become the No.1 insurer in Singapore non-life insurance market