Fairfax Financial Sells Singapore Insurer to Mitsui Sumitomo for $1.6B
Fairfax Financial Holdings stated it has efficiently bought a Singapore insurer to Japan’s Mitsui Sumitomo Insurance Co. for US$1.6 billion.The deal between the Toronto, Canada-based P/C insurance coverage, reinsurance and funding administration holding firm, and Mitsui Sumitomo entails the sale of First Capital Insurance, Singapore’s largest property/casualty insurer. Both events first introduced the deliberate transaction in late August.
Beyond the sale of First Capital, Fairfax Financial has usually pursued acquisitions over the past yr. In July, Fairfax accomplished its acquisition of Allied World Assurance Co. Holdings for $four.9 billion, giving it an insurer that writes $three.1 billion and has a serious presence with giant brokers similar to Marsh, Aon and Willis. Allied World Chairman and CEO Prem Watsa described the deal as its “most significant” but.
In February, Fairfax agreed to pay $144 million for New Zealand insurer Tower Ltd., giving it an instantaneous, important presence in a rising, rising market.
In October 2016, Fairfax Financial purchased a few of American International Group’s Latin America, Central and Eastern Europe operations in a transaction price about $240 million.
Fairfax in May agreed to promote a 12.2 % stake in its Indian three way partnership insurer ICICI Lombard in a deal that valued the corporate at $three.15 billion.
Source: Fairfax Financial Holdings Ltd.
A model of this text first appeared in Insurance Journal’s sister publication, Carrier Management.
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