Mitsui Sumitomo to buy Singapore-based First Capital Insurance for $2.8b

SINGAPORE – Mitsui Sumitomo Insurance Company Ltd has agreed to buy Singapore-based non-life insurer First Capital Insurance Ltd from Canada’s Fairfax Financial Holdings for US$1.6 billion (S$2.8 billion), underscoring growing appetite among Japanese insurers to expand outside their home markets.

Mitsui Sumitomo Insurance, the core firm of MS&AD Insurance Group Holdings, and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, Fairfax said in a statement on Thursday.

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