Canadian financial holding company Fairfax Financial Holdings Limited has increased its ownership interest in specialist insurer Brit Limited to 100% from 86.2%.
This was done by acquiring the interest of OMERS, the pension plan for Ontario’s municipal employees, for a cash consideration of approximately $383 million.
Fairfax, through its subsidiaries, is primarily engaged in property and casualty insurance, reinsurance, and the associated investment management.
Brit is a global specialty re/insurer and a subsidiary of Fairfax. In August 2021, OMERS completed an investment into Brit.
It was detailed that through the transaction OMERS acquired a 14% stake in Brit for a cash sum of approximately $375 million. After closing, Fairfax retained the flexibility to repurchase OMERS’ interest in Brit over time.
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