Fairfax may sell 25 pct of ICICI Lombard in up to $1 bln deal: Reuters

Fairfax Financial Holdings is in early talks to sell 25 percent of India's largest private general insurer ICICI Lombard in a deal that could fetch up to US$1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources told Reuters. ICICI Lombard is a joint venture formed in 2001 between ICICI Bank, India's second largest bank, and Fairfax, which is led by Canadian billionaire Prem Watsa. Private equity firms, including Blackstone Group and KKR & Co, as well as some Canadian pension funds, have expressed interest in Fairfax's stake, the sources said.

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