Fairfax to Acquire Indonesian Insurer
24 April 2014 - 10:30PM
Marketwired
Fairfax to Acquire Indonesian Insurer
TORONTO, ONTARIO--(Marketwired - Apr 24, 2014) - Fairfax
Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U)
announced today that it has, through its wholly-owned subsidiary
Fairfax Asia Limited, entered into a share purchase agreement
pursuant to which it will acquire 80% of PT Batavia Mitratama
Insurance ("Batavia"), an Indonesian insurer. The transaction is
subject to customary closing conditions and is expected to close in
the second quarter of 2014.
Batavia is a general insurance company, based in Jakarta,
Indonesia, specializing in vehicle coverage. The acquisition is
fully financed by Fairfax Asia and, on closing, Batavia will join
the Fairfax Asia group under the leadership of its CEO, Ramaswamy
Athappan.
"We are thrilled to have PT Batavia Mitratama join the Fairfax
group and we look forward to working with the Bintoro family as our
new partners," said Prem Watsa, Chairman and CEO of Fairfax.
"Batavia has a strong presence in the Indonesian insurance sector
and this is a fantastic opportunity for us to expand our operations
in the region."
Fairfax is a financial services holding company which, through
its subsidiaries, is engaged in property and casualty insurance and
reinsurance and investment management.
Fairfax Financial Holdings LimitedJohn VarnellVice President,
Corporate Development(416) 367-4941
Fairfax Financial (TSX:FFH.U)
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