Fairfax bids $72M for Polish reinsurer
Fairfax Financial Holdings Ltd. announced yesterday it has made a $72-million (U.S.) bid for Polish reinsurer Polskie Towarzystwo Reasekuracji Spolka Akcyjna, valued at 66 cents per share.
Fairfax has commitments to tender the offer from shareholders who own about 47 per cent of PTR’s shares.
The transaction is expected to close in the first quarter of 2009.
"We are excited about future prospects for the Central and Eastern European economies in which PTR is active," Fairfax chair and chief executive officer Prem Watsa said in a statement issued from the company’s head office yesterday.
"This investment will increase Fairfax’s exposure to the region and will provide a long-term platform for expansion," Watsa said pay day loan.
Fairfax is a financial services holding company that, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Fairfax shares closed up 1 cent at $226.51 Canadian yesterday in Toronto.
The Canadian Press