SINGAPORE--(BUSINESS WIRE)--A.M. Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of First Capital Insurance Limited (First Capital) (Singapore) remain unchanged following the recent announcement that the company will be acquired.
Mitsui Sumitomo Insurance Company, Limited will acquire a 97.7% stake in First Capital from Fairfax Financial Holdings Limited. Funding for the acquisition is expected to come from cash-on-hand. First Capital’s day-to-day operations are likely to continue as normal in the near term.
The transaction remains subject to regulatory approval and is expected to close in the first quarter of 2018. A.M. Best will continue to hold discussions with management and shareholders of the company to monitor the acquisition progress.
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