Fairfax Financial Holdings has entered into a business transfer agreement with MCIS Insurance Berhad and Koperasi MCIS Berhad.
Pursuant to that agreement, Fairfax will acquire the general insurance business of MCIS. The transaction is subject to customary closing conditions, including court approval, and is expected to close in the first quarter of 2015.
MCIS is an established life and general insurer in Malaysia that had more than US$55 million in gross written premiums in 2013. On closing, the general insurance business of MCIS will integrate with Pacific Insurance, and thus become part of the Fairfax Asia group.
Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance, and in reinsurance and investment management.
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