Fairfax Financial Holdings Ltd (FFH) to Acquire Malaysian General Insurance Business
Fairfax Financial Holdings Ltd (TSE:FFH) (OTCMKTS:FRFHF) announced an agreement with MCIS Insurance Berhad and Koperasi MCIS Berhad to acquire the general insurance business of MCIS, a Malaysian insurer. The transaction is subject to closing conditions including court approval and is expected to close in the 1st quarter of 2015. Financial terms were not part of the release.
MCIS is an established life and general insurer in Malaysia and has over US$55 million in gross written premiums in 2013 for its general insurance business.
Fairfax plans to integrate the business with Pacific Insurance and to have it become part of the Fairfax Asia group under the leadership of Ramaswamy Athappan.
Comments form Prem Wasta
“We are thrilled to have the general insurance business of MCIS join the Fairfax group and we look forward to working with Koperasi MCIS as our new partners in Malaysia,” said Prem Watsa, Chairman and CEO of Fairfax. “MCIS has a very strong presence in the Malaysian insurance sector and this is a great opportunity for us to expand our operations in the region.”
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