Toronto-based Fairfax Financial Holdings Ltd, has completed its cash offer to shareholders of Brit PLC, the company announced on Wednesday.
In February, Fairfax made an offer to acquire London, U.K.-based Brit in a deal valued at US$1.88 billion. Brit is a global specialty insurer and reinsurer, with a major presence in Lloyd’s of London.
Fairfax has sold 29.9% of the Brit shares to Ontario Municipal Employees Retirement System (OMERS).
Fairfax currently owns 70.1% of Brit and has the ability to repurchase the shares owned by OMERS over time.
Brit’s growing U.S. and international reach are highly complementary to Fairfax’s existing worldwide operations, Fairfax said in a statement, and the acquisition will allow the company to further diversify its group risk portfolio.