SINGAPORE, Aug 30 (Bernama-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.
 
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
 
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
 
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
 
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
 
Contacts
A.M. Best
Wesley Chia, +65-6589-8400, ext. 213
Associate Financial Analyst
wesley.chia@ambest.com
or
Sergio Agena, +852-2827-3407
Associate Financial Analyst
sergio.agena@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Source: A.M. Best

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--BERNAMA