Canadian property and casualty insurer Fairfax Financial Holdings has agreed to buy UK specialty insurer Brit Plc in a transaction worth about US$1.88 billion.
Under the terms of the deal, Brit shareholders will receive 305 pence in cash per share, representing a premium of 11.2 percent over Brit’s Monday closing share price, Reuters reported.
Fairfax was quoted as saying that it has received irrevocable undertakings for acceptance of the offer from shareholders representing about 73 percent of Brit’s issued capital.
Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business.
“Brit has an outstanding track record over the last ten years and will continue to operate on a decentralized basis once owned by Fairfax,” Fairfax CEO Prem Watsa was quoted as saying.
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