Fairfax Financial Holdings has completed its cash tender offer to shareholders of Brit PLC and sold 29.9% of the Brit shares to Ontario Municipal Employees Retirement System (OMERS).

Fairfax currently owns 70.1% of Brit and has the ability to repurchase the shares owned by OMERS over time.

Brit is a global specialty insurer and reinsurer, with a major presence in Lloyd’s.

“Brit’s growing U.S. and international reach are highly complementary to Fairfax’s existing worldwide operations and the acquisition will allow Fairfax to further diversify its group risk portfolio,” says a Fairfax statement.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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