...TOKYO (S&P Global Ratings) Aug. 25, 2017--S&P Global Ratings today said its ratings on the core operating subsidiaries of MS&AD Insurance Group are unaffected by the group's planned acquisition of First Capital Insurance Ltd. (FC), a Singapore-based non-life insurer. On Aug. 24, MS&AD Insurance Group Holdings Inc. (unrated) announced that it has reached an agreement with FC's parent Fairfax Financial Holdings Ltd., a Canada-based insurance and financial group, to acquire 97.7% of the voting rights in FC through MS&AD's key subsidiary, Mitsui Sumitomo Insurance Co. Ltd. (A+/stable/A-1). The acquisition will have a limited impact on the business and financial risk profiles of MS&AD Insurance Group, in our view. We believe it will have no impact on our ratings on the core operating subsidiaries of the group. The total cost of the acquisition will be Ñ175.5 billion, and MS&AD Insurance Group estimates it will likely book goodwill of about Ñ123.0 billion. If the acquisition is carried out as...
