The Globe and Mail reports in its Friday, Aug. 25, edition that Fairfax Financial Holdings is selling a Singaporean insurance subsidiary in a partnership deal designed to open more growth opportunities in other pockets of the world. The Globe's Jacqueline Nelson writes that Fairfax said on Wednesday it had struck a $1.6-billion (U.S.) deal to sell a 97.7-per-cent interest in First Capital Insurance to Tokyo's Mitsui Sumitomo Insurance. The transaction secures an unnamed percentage of First Capital's future revenue for Fairfax, even though it has essentially sold the business. This ensures Fairfax will continue to have a vested interest in the future success of the insurer. It is rare that the acquisitive and long-term focused Fairfax would move to part ways with one of its portfolio companies -- particularly one in a target expansion area such as Asia. However, the two insurers plan to continue working together as part of the deal. Fairfax said that it had "entered into a binding agreement to pursue a global strategic alliance" with Mitsui Sumitomo. This could include jointly underwriting a variety of non-life-insurance business through reinsurance partnerships.