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MS&AD Insurance to buy Singapore's First Capital

Japanese insurer announces $1.6bn deal for nonlife insurer

Mitsui Sumitomo Insurance headquarters in Tokyo   © Reuters

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.

(Nikkei)

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