Fairfax acquires Lloyd's of London insurer Brit for $1.88bn
Fairfax Financial Holdings has completed the acquisition of Lloyd's of London specialty insurer and reinsurer Brit, for around $1.88bn.
The deal was first announced in February this year.
Under the deal, Brit shareholders received 305p in cash per share, inclusive of any final dividend for the year ended 31 December 2014.
In addition, Fairfax has divested 29.9% of the Brit shares to Ontario Municipal Employees Retirement System (OMERS).
Currently, Fairfax holds 70.1% of Brit and has an option to repurchase the OMERS-owned in the future.
The acquisition allows Fairfax to leverage its expertise in the US and international insurance and reinsurance markets, as well as in the expansion of its group risk portfolio.
At the time of acquisition, Fairfax Financial Holdings chairman and CEO Prem Watsa said: ""We welcome Mark Cloutier and his market leading specialty insurance and reinsurance team at Brit to our expanding global specialty platform.
"Brit has an outstanding track record over the last ten years and will continue to operate on a decentralized basis once owned by Fairfax."
Through its subsidiaries, Fairfax offers property and casualty insurance and reinsurance and investment management services.
Image: Fairfax has acquired specialty insurer and reinsurer Brit. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.