MS First Capital
MS First Capital Insurance Limited is a Singapore-based non-life insurer writing personal and commercial lines, with a 99.98% ownership by Mitsui Sumitomo Insurance (MS&AD Group), ranked No. 1 in Singapore's non-life market combined with MSIG Singapore.
- Company typePrivate
- Founded1950
- HeadquartersSingapore, Singapore
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What MS First Capital does
MS First Capital Insurance Limited is a Singapore-incorporated non-life insurance company that underwrites both personal and commercial lines of general insurance business. Founded in 1950 and headquartered at 6 Raffles Quay in Singapore, the company is a 99.98%-owned subsidiary of Mitsui Sumitomo Insurance Company Limited, itself part of Japan's MS&AD Insurance Group. The company holds an A+ (Superior) Financial Strength Rating from AM Best, reaffirmed in December 2025, and is licensed and regulated by the Monetary Authority of Singapore under the Insurance Act. Combined with MSIG Singapore, MS First Capital is ranked No. 1 in Singapore's non-life insurance market, and in 2023 became the first Singapore-based insurer to underwrite $1 billion in gross written premium.
The company offers a comprehensive product portfolio spanning commercial lines (Marine Hull, Marine Cargo, Commercial Motor, Engineering, Liability, Work Injury Compensation, Fire, and Industrial All Risk) and personal lines (Personal Motor via the MSFC e-Motor Portal, Foreign Vehicle Motor via the ACMI Portal, First Home Plus, and Personal Accident). The company also operates as both a reinsurer and ceding company, underwriting facultative and treaty reinsurance arrangements, and provides dedicated motor and non-motor claims services. Distribution is primarily broker and intermediary-led for commercial accounts, with direct digital channels for personal lines. Under the leadership of CEO Vikas Shukla, appointed July 2024, the company is executing an "Ambition 2029" growth and transformation strategy, positioning itself as a Centre of Excellence for large and complex business within the MSIG Asia network.
The business model is built on underwriting premium for risk transfer, with revenue generated from policy premiums (personal and commercial non-life) and reinsurance activities, supported by investment income on reserves. Pricing is quote-based and determined through individual risk assessment, with annual billing cadence. The company employs 51-100 staff and has a Claims Department at 16 Raffles Quay. Marketing is primarily digital (corporate website, LinkedIn, online portals) supplemented by community sponsorships such as a three-year partnership with the Football Association of Singapore. The firm holds no public listing, has no subsidiaries of its own, and operates under a horizontal segmentation approach with two primary business units.
MS First Capital firmographics
Firmographics- Name
- MS First Capital
- Legal name
- MS First Capital Insurance Ltd
- Website
- https://msfirstcapital.com.sg
- Company type
- Private
- Founded year
- 1950
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- MS First Capital Insurance Limited is a Singapore-based non-life insurer writing personal and commercial lines, with a 99.98% ownership by Mitsui Sumitomo Insurance (MS&AD Group), ranked No. 1 in Singapore's non-life market combined with MSIG Singapore.
- Ownership category
- akta.pro rank
MS First Capital industry classification
Industry- Product category
- Non-life Insurance
- NAICS
- Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524)
- SIC
- Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Property Insurance (Homeowners, Renters & Commercial Property) (FSAJAMAD)
- akta.pro secondary industries
- Commercial Property Insurance (FSAJACAE), Public Liability (Premises/Operations) (FSAJADAD), Protection & Indemnity (P&I) / Marine Liability Insurance (FSAJAHAH), Mid-Market Commercial Package (Package Policies) (FSAJAFAB), Commercial Auto & Fleet Liability Insurance (Primary) (TLABANAA), Financial Lines Treaty Reinsurance (e.g., D&O, E&O, professional liability) (FSAOAEAG)
Keywords
Where MS First Capital is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices2 records
Markets served
MS First Capital business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Non-life Insurance Premiums: MS First Capital generates revenue through underwriting personal and commercial non-life insurance policies, collecting premiums from policyholders in exchange for coverage against specified risks.
- Reinsurance Operations: The company operates as both a reinsurer and ceding company, underwriting facultative and treaty reinsurance arrangements and purchasing outward reinsurance to manage risk exposure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Annual | Quote-based commercial and personal insurance pricing |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels3 records
MS First Capital product offering
Product offeringCore offering
MS First Capital Insurance Limited underwrites both personal and commercial lines of non-life insurance in Singapore and across Asia, covering classes such as Fire, Engineering, Marine Hull, Marine Cargo, Bond, Professional Indemnity, Motor, Public Liability, Worker's Compensation, Personal Accident and other Miscellaneous Accident. The company also operates as a reinsurer, writing facultative and treaty reinsurance arrangements and purchasing outward reinsurance to manage risk exposure, and provides dedicated motor and non-motor claims services.
Product overview
MS First Capital offers a comprehensive portfolio of non-life insurance products organized into Commercial Lines and Personal Lines, both available as standalone offerings. Commercial insurance includes Marine Hull, Marine Cargo, Commercial Motor, Engineering, Liability, Work Injury Compensation, Fire & Extra Perils, and Industrial All Risk insurance. Personal insurance includes Personal Motor (via MSFC e-Motor Portal), Foreign Vehicles Motor (via ACMI Portal), First Home Plus, and Personal Accident insurance. The company also provides dedicated Motor and Non-Motor Claims Services. All products are supported by reinsurance capabilities (both facultative and treaty) and the company operates as part of the MS&AD Insurance Group network.
Differentiator
Problem solved
Functional benefit
Products and services
- Marine Hull Insurance Insurance solutions protecting ships, tankers, bulk carriers, container vessels and covers such as Builders' Risks, Port packages and Offshore energy, designed for ship owners and operators in the marine sector.
- Marine Cargo Insurance
Companies that use MS First Capital
Customer profileSegments2 records
Ideal customer profiles2 records
MS First Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
MS First Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Football Association of Singapore (FAS)coreMS First Capital, as part of the MSIG network in Singapore alongside MSIG Singapore, entered into a three-year partnership with the Football Association of Singapore to strengthen local football. The partnership includes sponsorship of the Singapore Men's national team and community engagement activities. MSFC participated in the Player Escort Ceremony at the Singapore vs China PR international friendly match on June 5, 2026.
Scale indicators5 records
Recent moves14 records
Expansion highlights4 records
MS First Capital competitors and assessment
Company assessmentMarket position
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
MS First Capital social profiles
Digital presenceMS First Capital compliance and trust
Trust signalCompliance3 records
MS First Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
MS First Capital leadership team
Management profileNumber of profiles
Profiles15 records
MS First Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MS First Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MS First Capital
What does MS First Capital do?
MS First Capital Insurance Limited underwrites both personal and commercial lines of non-life insurance in Singapore and across Asia, covering classes such as Fire, Engineering, Marine Hull, Marine Cargo, Bond, Professional Indemnity, Motor, Public Liability, Worker's Compensation, Personal Accident and other Miscellaneous Accident. The company also operates as a reinsurer, writing facultative and treaty reinsurance arrangements and purchasing outward reinsurance to manage risk exposure, and provides dedicated motor and non-motor claims services.
Is MS First Capital a public or private company?
MS First Capital is a private company. It is classified as corporate owned and is currently operating.
When was MS First Capital founded?
MS First Capital was founded in 1950. It employs 51 to 100 people.
Where is MS First Capital based?
MS First Capital is headquartered in Singapore, Singapore, in the Asia region.
How does MS First Capital make money?
Two revenue lines are on record. Non-life Insurance Premiums are the primary driver. The others are reinsurance Operations.
Does MS First Capital have an API?
No public API is recorded for MS First Capital.
What industry is MS First Capital in?
MS First Capital's product category is Non-life Insurance. Its primary akta.pro industry code is FSAJAMAD, Property Insurance (Homeowners, Renters & Commercial Property), with a secondary code of FSAJACAE, Commercial Property Insurance. Its NAICS code is 524126 and its SIC code is 6331.