Fairfax Financial Holdings Ltd. says it netted about $146 million from selling about 12% of its holdings in property and casualty insurer Northbridge Financial Corp.

Fairfax remains the largest Northbridge shareholder, with 59 per cent ownership, after selling 6 million Northbridge common shares at $25.60 each, for gross proceeds of $153.6 million.

Northbridge did not receive any proceeds from the sale, which was done through a syndicate of underwriters led by BMO Nesbitt Burns Inc. and Scotia Capital Inc.

Fairfax is a financial services holding company that, through its subsidiaries, is engaged in property, casualty and life insurance and reinsurance, investment management and insurance claims management. Northbridge, through its subsidiaries, provides property and casualty insurance products primarily in the Canadian market.