Fairfax Acquiring Brit PLC
CBJ – Prem Watsa’s Fairfax Financial Holdings is set to purchase specialty insurer Brit of London, England in a $2.3-billion. The transaction would give Fairfax new insurance portfolios and expanded capabilities in Europe.
Fairfax is acquiring Brit with the support of private equity firms Apollo Global Management and CVC Capital Partners.
European investments have proven largely fruitful for Watsa and his company. In 2011, Fairfax invested about $1.5-billion in Ireland’s oldest bank, protecting it from nationalization. This stake in Bank of Ireland would become a model for other investments due to its success.