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- Mitsui & Co., Ltd.
Corporate Communications Division
In December 2009, Mitsui & Co., Ltd ("Mitsui") became the largest shareholder of ACAL Holdings Pte Ltd ("ACAL") in Singapore, the sole capital provider for Syndicate 1965 at Lloyd's. Syndicate 1965 is one of more than 80 syndicates in the Lloyd's of London market which from the world's largest insurance market.
ACAL is the holding company for the Corporate Member, ACAL Underwriting Ltd which is managed by Argenta Syndicate Management Ltd at Lloyds and ACAL is the sole capital provider to Syndicate 1965. Besides Mitsui, other major shareholders of ACAL include Seletar Fund Investments Pte Ltd, a wholly owned subsidiary of Temasek Holdings (Private) Limited, NTUC Income Insurance Cooperative Ltd, a Singaporean-based trade union enterprise, and Labuan Reinsurance (L) Ltd, a Malaysian-based international reinsurance company.
Mitsui has invested in several of the large reinsurance companies since the 1980's, these include those established when the world was in short supply of insurance and reinsurance capacity after the terrorism event of September 11, 2001 and hurricane Katrina in 2005. Their investments dealings have been through Stone Point Capital, a private equity firm, with whom Mitsui has strategic partnership. Based on such experiences, Mitsui has been seeking to enter reinsurance business operation in Asia, the world's most potential market, for a long time.
With the additional capital from Mitsui, Syndicate 1965 is expected to expand its underwriting capacity with new business lines to be added and growing existing classes of business underwritten. Syndicate 1965 will build its existing business of Property & Casualty Reinsurance and Marine and add new lines of business predominantly Property Direct & Facultative and Marine Reinsurance. The company will continue to diversify the overall underwriting portfolio to create a balanced book of business and optimize capital allocation, leveraging Mitsui and ACAL shareholders' business network and expertise. As a long term vision, the company targets to be a leading reinsurance company in Asia which will provide stable underwriting capacity to support economic and industrial growth of Asia.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.