Fairfax sells $375m stake in Lloyd’s re/insurer Brit to OMERS
Canadian property and casualty insurer Fairfax Financial Holdings has agreed to sell 14 percent interest in Lloyd’s re/insurer Brit for approximately $375 million.
Prem Watsa’s Fairfax has revealed that on February 10, 2021 the company entered into an agreement with Canadian pension fund, the Ontario Municipal Employees Retirement System (OMERS).
The agreement will see OMERS acquire an approximate 14 percent interest in Brit for cash proceeds of approximately $375 million.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2021.
After closing, the company will retain the flexibility to repurchase OMERS’ interest in Brit over time, it said.
Toronto-based Fairfax acquired Brit, an international general insurance and reinsurance group specialising in commercial insurance, with a major presence in the Lloyd's of London market, for £1.22 billion in April 2015 from its biggest shareholders Apollo Global Management and CVC Capital.
In July 2015, after the closing of the transaction, Fairfax sold 29.9 percent of the Brit shares to OMERS, owning 70.1 percent with the ability to repurchase the shares owned by OMERS over time.
OMERS also owns stakes in Fairfax's other businesses, including Allied World.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze