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Fairfax Financial closes US$1.6B sale of First Capital Insurance

Canada's Fairfax Financial Holdings Ltd. completed the sale of a 97.7% stake in Singapore-based First Capital Insurance Ltd. to Mitsui Sumitomo Insurance Co. Ltd., a unit of Japan's MS&AD Insurance Group Holdings Inc., for US$1.6 billion in cash.

The companies had already received all necessary regulatory approvals for the deal.

Separately, MS&AD said First Capital Insurance will change its name to MS First Capital Insurance Ltd. The company's results for the year ending Dec. 31, 2018, will be consolidated and reflected in the consolidated financial statements of MS&AD and Mitsui Sumitomo Insurance from the first quarter of fiscal 2018.