Fairfax Financial Holdings has completed sale of its stake in Florida-based insurance firm Cunningham Lindsey for proceeds of nearly $270m.
The acquisition follows an agreement signed between Luxembourg-based CVC Capital Partners and Stone Point Capital and Fairfax in October.
Following closing of the deal, Fairfax re-invested $34m into shares of Cunningham to retain 9% equity interest in the company.
Cunningham Lindsey’s predecessor was bought by the Toronto-based insurer Fairfax in 1986 and by the end of 2007; it sold 51% of its stake to Greenwich-based Stone Point, as reported by Bloomberg.
As of 30 June 2012, Fairfax had a 43% stake in Cunningham.
The Florida-based insurance firm, which manages 7,000 employees, operates in 61 countries including Australia, Brazil, Germany, India, Japan and the US, offers claims adjusting, appraisal and claims and risk management for property and casualty insurance losses.
Fairfax, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.