Mitsui Sumitomo Insurance has agreed to purchase approximately 98% of the shares of Singapore's largest non-life insurance company, First Capital, from Canada's leading financial group Fairfax.

The purchase price is about 1.6 billion dollars, and it is estimated that it will be over 170 billion yen in Japanese yen and the procedure will be completed by next March.

First Capital has a wide range of operations in Southeast Asia and other Southeast Asian countries, and as Mitsui Sumitomo Insurance, we will increase insurance underwriting from local companies to acquire, in the Asian market where growth is expected We aim to expand our business.

In addition, we are partnering with Canada's "Fairfax" to buy shares, and we plan to jointly advance development of new insurance products using AI = advanced IT technology such as artificial intelligence in the future is.

Tokio Marine Holdings and SOMPO Holdings also acquire insurance companies in the United States and India, etc. in the non-life insurance industry, with concerns over the shrinking domestic market due to the declining population, etc., overseas There are successive moves to strengthen the business.