First Capital Insurance Limited (FCIL) 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 60 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.

In 2002, FCIL became a subsidiary of Odyssey America Reinsurance Corporation (Odyssey Re) which in turn was a subsidiary of Fairfax Financial Holdings Limited (Fairfax). Fairfax, based in Toronto, is a large Canadian financial services holding company with shareholders’ equity in excess of USD7.2 Billion and total assets in excess of USD35.9 Billion as at the end of 2013 and is listed on the Toronto Stock Exchange. Through its various subsidiaries Fairfax Group is engaged in property/casualty insurance and reinsurance and investment management. The group has operations in Canada, USA, Brazil, Europe and at Lloyd’s (Newline and Advent Syndicates) as well as in Asia. For the purpose of streamlining the group’s corporate structure in Asia and also to focus on further developing the group’s insurance business in Asia, Odyssey Re’s shareholding in FCIL was transferred to FAL Corporation in December 2004 and again was transferred from FAL Corporation to Fairfax Asia Limited in April 2009. However the ultimate ownership of the Company still rests with Fairfax Financial Holdings Limited. Besides FCIL in Singapore, Fairfax Group has a subsidiary company each in Hong Kong and Malaysia, viz., Falcon Insurance Company in Hong Kong and Pacific Insurance Berhad, Kuala Lumpur. Fairfax Group has other entities viz., Falcon Insurance in Thailand (a joint-venture), ICICI Lombard General Insurance (which also is a joint-venture with the largest local private sector bank) in India and an associate company in China, namely Alltrust Insurance (in which Fairfax has 15% shareholding).

FCIL 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 FCIL and he has been a well-known lead Marine Hull underwriter in this part of the world for more than two decades now. Arising out of this FCIL is currently one of the leading companies for writing Marine Hull insurance in this region 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 FCIL’s financial strength rating of ‘A (Excellent)’ with ‘Stable’ outlook. FCIL 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 based not only in Singapore but in some countries of the adjoining region and beyond. FCIL is currently one of the top-3 local non-life insurance companies operating in the Singapore market. As a member company of the Fairfax Group, FCIL 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.