Press Release Details
Fairfax Completes Brit Acquisition
TORONTO, ONTARIO–(Marketwired – July 8, 2015) – Fairfax Financial Holdings Limited (TSX:FFH)(TSX:FFH.U) announces that it has completed its cash tender offer to shareholders of Brit PLC. Fairfax has sold 29.9% of the Brit shares to Ontario Municipal Employees Retirement System (OMERS). Fairfax currently owns 70.1% of Brit and has the ability to repurchase the shares owned by OMERS over time.
Brit is a market-leading global specialty insurer and reinsurer, with a major presence in Lloyd’s. Brit’s growing US and international reach are highly complementary to Fairfax’s existing worldwide operations and the acquisition will allow Fairfax to further diversify its group risk portfolio.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Vice President, Corporate Development