Fairfax Financial Holdings Ltd. will sell as much as 30 percent of Brit plc to the Ontario Municipal Employees Retirement System two months after agreeing to buy the Lloyd’s of London insurer for $1.88 billion.
Fairfax said Wednesday it reached an agreement with OMERS, which oversees $52 billion in pension assets, to sell the stake at $4.30 a share, equivalent to the cash offer that the Toronto-based insurer is paying Brit’s shareholders. OMERS doesn’t currently own any shares in Brit.
Private-equity firms Apollo Global Management and CVC Capital Partners Ltd., which control about 73 percent of Brit shares, agreed to sell the company on Feb. 17. They were among investors that sold stock in Brit’s initial public offering in March that raised 240 million pounds and valued the shares at 240 pence ($3.54) apiece.
–With assistance from Kiel Porter in London.
Was this article valuable?
Here are more articles you may enjoy.
Longtime Alabama Dentist Charged With Insurance Fraud in 2025 Office Explosion 
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
Florida House Panel Approves Bill to Waive Permits on Work of Less Than $7,500 
Owner of Assisted Living Home Where 10 Died in Fire Denied Access to Insurance Funds 
