TOKYO -- MS&AD Insurance Group Holdings on Thursday announced plans to buy Singaporean nonlife insurer First Capital Insurance.
The estimated 175.5 billion yen ($1.6 billion) deal is the latest instance of a Japanese insurer trying to boost overseas revenue in response to a shrinking customer base at home.
First Capital is the second-largest nonlife insurance company in Singapore. It is owned by Fairfax Financial Holdings, based in Canada.
The acquisition is scheduled to be completed in the January-March quarter of 2018, MS&AD said.