MS First Capital Insurance Limited (MSFCIL) was incorporated in Singapore on 9 December 1950 under the name of The Public Insurance Company Limited. The Company has been writing non-life insurance business for 67 Years now. The Public Insurance Company Limited changed its name to British American General Insurance Company Limited in July 1988 and this name was subsequently changed to First Capital Insurance Limited with effect from 4 July 1991, consequent upon acquisition of the company by Hong Leong group (Malaysia).
In September 2002, FCIL became a subsidiary of Fairfax Financial Holdings (Fairfax) consequent upon acquisition of the company by Fairfax group.
With effect from 28th December 2017, 97.7% of the company’s shares was brought over by Mitsui Sumitomo Insurance Company Limited, a member of MS&AD as part of the global alliance between Fairfax and MS&AD. MS&AD is a large global organization with Net Premium of over USD 27 billion, total assets of USD 180 billion and net assets of USD 24 billion. Subsequently the name of the compnay is changed to MS First Capital Insurance Limited with effect from 15 January 2018.
MSFCIL is engaged in writing both personal and commercial lines of non-life insurance business across various classes such as Fire, Engineering, Marine Hull, Marine Cargo, Bond, Professional Indemnity, Motor, Public Liability, Worker’s Compensation, Personal Accident and other Miscellaneous Accident classes with the support of its large pool of dedicated agents and all major brokers as well as direct clients. Mr. R. Athappan is the Chief Executive of MSFCIL and he has been a well-known lead Marine Hull underwriter in this part of the world for more than three decades now. Arising out of this MSFCIL is currently one of the leading companies for writing Marine Hull insurance and this class of business forms a significant segment of the Company’s well balanced overall business portfolio. Mr. Athappan is ably supported by an experienced team of senior underwriters and claims personnel.
A. M. Best Company (USA) has affirmed the Company’s financial strength rating of ‘A (Excellent)’ with ‘Stable’ outlook. MSFCIL is a stable and reliable provider of innovative insurance solutions to meet the needs of a wide cross-section of individual, commercial and industrial clients not only in Singapore but in the adjoining region and beyond. MSFCIL is currently one of the top-3 local non-life insurance companies operating in the Singapore market. As a member company of the large MS&AD family, MSFCIL is keenly focused on consolidating its position even further as an important player among the non-life insurance companies in Singapore and in the region.
Courtesy posting by NextLifeBook.com