Fairfax snaps up PE-owned Lloyd's insurer Brit for $1.88 bln: Reuters

Fairfax Financial Holdings Ltd, the Canadian property and casualty insurer run by contrarian investor Prem Watsa, said it would buy Brit Plc for about US$1.88 billion to become one of the top five underwriters on the Lloyd's of London market, Reuters reported. Fairfax received hard irrevocable undertakings to accept the offer from entities managed by Apollo Global and CVC Capital Partners, which together hold about 73 percent of Brit's share capital.

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