The interest is worth approximately $66m
Fairfax Financial Holdings has purchased 15% interest in Alltrust Insurance Company of China for approximately $66m, subject to final approval by the Chinese Insurance Regulatory Commission (CIRC).
Prem Watsa, chairman and CEO of Fairfax, said: We are pleased to be partnering with one of the leading private insurers in China. 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.
Henry Du, chairman of Alltrust, said: 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.
Shanghai-based Alltrust is a provider 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.
Fairfax Financial Holdings is a financial services holding company which, through its subsidiaries, is engaged in the business of property and casualty insurance and reinsurance and investment management.