Fairfax Increases Ownership in Brit Limited
Deal News | Dec 13, 2024 | Globenewswire
Fairfax Financial Holdings Limited has announced an increase in its ownership of Brit Limited to 100%, up from 86.2%, through the acquisition of OMERS' investment in the company. The transaction, valued at approximately US$383 million, sees Fairfax fully consolidate Brit, a company engaged in property and casualty insurance and reinsurance. Fairfax, a diversified financial services holding company, continues to focus on expanding its insurance portfolio through targeted acquisitions. OMERS, representing Ontario's municipal employees' pension plan, exits its stake in Brit as part of this transaction.
Sectors
- Insurance
- Investment Management
Geography
- Canada – Fairfax Financial Holdings Limited is headquartered in Canada, indicating its geographical base of operations.
- United Kingdom – Brit Limited, now wholly owned by Fairfax, operates in the United Kingdom, extending the geographical impact of the acquisition.
Industry
- Insurance – Fairfax and Brit Limited are both involved in property and casualty insurance. This sector is relevant as the acquisition strengthens Fairfax's position within this industry.
- Investment Management – Fairfax also engages in investment management, as part of its broader business strategy of acquisitions and managing diverse financial assets.
Financials
- US$383 million – The cash consideration paid by Fairfax to acquire OMERS' interest in Brit Limited.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fairfax Financial Holdings Limited | Acquirer | Company | A Canadian holding company focusing on property and casualty insurance and reinsurance. |
| Brit Limited | Target | Company | A company involved in property and casualty insurance, now fully owned by Fairfax. |
| OMERS | Seller | Company | The pension plan for Ontario's municipal employees, which held a stake in Brit Limited. |