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