Fairfax Financial Holdings Ltd (FFH) Acquires Insurance Operations in Eastern Europe
Fairfax Financial Holdings Ltd (TSE:FFH) (OTCMKTS:FRFHF) announced today that it will acquire insurance operations in the Czech Republic, Hungary and Slovakia from QBE Insurance. The transactions are subject to customary closing conditions and various regulatory approvals.
Fairfax Eastern Europe
In the release, Fairfax indicated that the acquired operations in the Czech Republic, Hungary and Slovakia generated over US$40 million in profitable gross written premiums. The premiums covered general insurance classes including property, travel, general liability and product protection. The units will become part of Fairfax Eastern Europe and be led by Peter Csakvari, a 22 year insurance leader in Europe.
Comments From Prem Wasta, Chairman and CEO of Fairfax
“The operations in Hungary, Slovakia and Czech Republic are each led by general managers with more than twelve years of experience in their respective markets and supported by strong teams of underwriters with demonstrated experience writing profitable business over the long-term. We look forward to concluding this transaction with QBE and building Fairfax Eastern Europe over the long-term with the existing experienced teams under the leadership of Peter Csakvari, a proven leader in the region.”
Fairfax Continues to Expand Insurance Operations
This is Fairfax’s 2nd insurance transaction of the month as on December 1st, Fairfax announced the acquisition of the General Insurance Business of MCIS, a Malaysian Insurer, with gross written premiums of US$55 million in 2013.
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