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June 21, 2021

Fairfax Asia to acquire remaining shares of Singapore Re

Fairfax Asia has agreed to acquire all the shares of Singapore Reinsurance held by dissenting shareholders.

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The Asian unit of the Canada-based financial group Fairfax Financial received valid acceptances amounting to 90.02% of the total issued shares last week.

This excludes shares already held by Fairfax Asia, its related corporations or their respective nominees.

Fairfax currently owns a 28.18% stake in Singapore Re.

In March this year, Fairfax Asia made a conditional cash offer to purchase all the shares in Singapore Re.

Fairfax said it will exercise its right of compulsory acquisition and then delist it off the Singapore Exchange (SGX), making it a privately held firm.

Singapore Re has been listed on the main board of the SGX since 1987.

The firm writes property, liability, miscellaneous accident and marine classes on a facultative and treaty basis.

It operates in Asia including the Middle East and Indian Sub-continent and specialises in the non-traditional liability insurance classes namely, professional indemnity, directors’ & officers’ and products’ Liability.

Fairfax provides health, property and marine insurance products on a direct and reinsurance basis across nine countries in Asia.

Fairfax said the acquisition of Singapore Re will allow it to establish complementary business operations within the group with both customer and cedent relationships, strengthening its position in the Asian insurance and reinsurance markets.

Fairfax added that it aims to continue the development and expansion of its businesses and seek opportunities on a sustainable basis over the long term.

The company does not have plans to undertake any major changes to the existing Singapore Re business with no job cuts.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

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