Fairfax Financial Holdings Limited announced on Monday that it plans to purchase a 15% stake in Alltrust Insurance Company of China.

The purchase, for approximately US$66 million, is subject to final approval by the Chinese Insurance Regulatory Commission.

“We are pleased to be partnering with one of the leading private insurers in China,” said Prem Watsa, chairman and CEO of Fairfax, a financial services holdings company. “Alltrust has shown tremendous profitable growth over the last five years and we look forward to working with Alltrust’s esteemed chairman, Henry Du, and his accomplished management team to further develop their business and products, much like we have done with our joint venture in India, ICICI Lombard General Insurance.”

Alltrust is headquartered in Shanghai and was established in September 2004 by a group of large Chinese power conglomerates and industrial groups, including five of China’s largest power groups that generate over 45% of the country’s power supply.

The company provides a full spectrum of primary insurance products and services in China, including property insurance, liability insurance, surety bonds, short-term health insurance, accident insurance, motor insurance and reinsurance.

Alltrust has been profitable since its inception and has over RMB 1 billion in capital. The company has a national network across China with 25 provincial branches, 150 sub-branches and more than 4,000 employees.

“After a long and rigorous search, we are excited to partner with a world-class organization that shares our same core concepts of integrity and professionalism,” said Alltrust’s chairman, Henry Du. “Fairfax and its many businesses and wealth of insurance and investment experience around the world will be of great assistance to us as we look to continue to grow our profitable enterprise throughout China.”