Mitsui to buy Fairfax's First Capital for $1.6bn

Canadian conglomerate Fairfax Financial has agreed to sell its
Singapore-based P&C insurer First Capital Insurance to Mitsui
Sumitomo for $1.6bn.
Under the terms of the deal, Mitsui will buy 97.7 percent of
First Capital's shares at $65.50 per share, equivalent to 3.3x
book value.
The transaction marks a return to Mitsui to major non-life
insurance M&A following a hiatus after the February 2016
closing of its £3.4bn ($4.4bn) purchase of Amlin for a price
of 2.4 times book value.
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