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Fairfax acquires Brit Insurance for $300m

Fairfax Financial Holdings has acquired the entire outstanding shares of London-based Brit Insurance, following the receipt of all regulatory approvals.

The $300m acquisition was carried out through its runoff subsidiary RiverStone based in New Hampshire, as part of an agreement that was reached with the Brit Group in June 2012.

Prior to being placed into runoff in early 2012, Brit Insurance was engaged into writing UK domestic, as well as certain international, insurance and reinsurance.

Its gross and net reserves were $1.9bn and $1.3bn, respectively, while cash and invested assets were $1.9bn and its book value was $530m, as of 31 March 2012.

Fairfax, through its subsidiaries, provides property and casualty insurance and reinsurance and investment management.

Its subsidiaries include the Northbridge and Federated in Canada through which it offers P&C insurance, Crum & Forster Holdings and Zenith National Insurance as well as reinsurance subsidiaries namely, Advent, Group Re, Odyssey Re, Polish Re and Singapore Re.