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Over 400 guests were present at the inauguration of MS First Capital in Singapore on Friday, March 23. The insurer’s launch was also a marker for a global partnership between Mitsui Sumitomo Insurance (MSI) and Fairfax.
In 2017, MSI acquired a 97.7% stake from Fairfax in First Capital, a Singapore-based general insurer. The deal was valued at around US$1.6 billion. Ramaswamy Athappan remained in his role as CEO of MS First Capital.
Held at the Ritz-Carlton Millenia hotel, the event featured a kagami-biraki ceremony, which had senior management figures from MSI, MS First Capital, and Fairfax on stage breaking the lids of sake barrels. The ceremony represents good fortune and harmony to all parties.
Japanese-inspired entertainment was the theme of the night, with taiko drummers, a synchronised sword display, and a sand animator illustrating the histories of MSI and Fairfax and how they came together.
“I am very glad to welcome First Capital as a new member to the MSI Group,” said Yasuyoshi Karasawa, Chairman of the Board, Mitsui Sumitomo Insurance Company. “I am happy to announce that the company is now renamed as MS First Capital, and will continue to be managed by the existing executive team led by Mr Athappan. Together, our group will work continuously to provide you, our clients, with the best solution to your business.”
