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Japanese insurer Mitsui Sumitomo to buy First Capital for $1.6 bln from Canada's Fairfax
August 23, 2017 / 11:18 PM / a month ago

Japanese insurer Mitsui Sumitomo to buy First Capital for $1.6 bln from Canada's Fairfax

Aug 23 (Reuters) - Japanese insurer Mitsui Sumitomo Insurance has entered into a deal with Canada’s Fairfax Financial Holdings to buy Singapore-based insurer First Capital for $1.6 billion, Fairfax said in a statement on Wednesday.

The all-cash purchase will result in a realized net investment gain of approximately $900 million after tax, the statement added. (Reporting by Kanishka Singh in Bengaluru; Editing by Sandra Maler)

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