Fairfax Financial Holdings Limited has announced the completion of an investment into its Brit Limited subsidiary by OMERS, the pension plan for Ontario’s municipal employees.
First announced in February 2021, the transaction sees OMERS acquire a 14% stake in Brit for a cash sum of approximately $375 million.
After closing, Fairfax will retain the flexibility to repurchase OMERS’ interest in Brit over time.
OMERS has previously taken a 40% interest in RiverStone UK, Fairfax’s UK run-off group, for a price of around $560 million.
And more recently, Fairfax completed the sale of its interests in RiverStone Europe to CVC Capital Partners for $700 million.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.