TORONTO - Fairfax Financial is selling its interest in Singaporean insurance company First Capital for US$1.6 billion.
The Canadian insurance and investment company has signed an all-cash deal to sell its 97.7 per cent stake in the business to Mitsui Sumitomo Insurance of Japan.
Fairfax (TSX:FFH)(TSX:FFH.U) says it will net US$900 million of after-tax profit.
The Toronto-based company will continue to hold a minority stake in the business, retaining its vested interest in First Capital's insurance portfolio.
The deal is part of what Fairfax calls a "strategic alliance" with Mitsui, under which the companies will pursue global partnership opportunities.
The agreement will close late this year or early next year, and is subject to regulatory approvals.
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