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Brit Insurance sold to Fairfax runoff unit RiverStone Resources

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AMSTERDAM—Brit Insurance Holdings B.V. has sold Brit Insurance Ltd. to Manchester, N.H.-based RiverStone Resources L.L.C. for an undisclosed sum as part of a restructuring, Brit said Monday.

RiverStone is the runoff unit of Toronto-based Fairfax Financial Holdings Ltd.

Under terms of the deal, Brit Insurance Holdings will retain the liabilities and claims handling for certain business currently within London-based Brit Insurance Ltd. relating to the group’s ongoing core business now being written into Brit Holdings’ Lloyd’s of London syndicate 2987.

After being acquired by Amsterdam-based Achilles Netherlands Holdings B.V. in 2011, Brit announced plans to consolidate and focus on being a global specialty reinsurer underwriting on its Lloyd’s platform. In April, Brit announced the sale of its U.K. regional operations to QBE European Operations P.L.C., the London-based business unit of Sydney-based QBE Insurance Group Ltd.

“The sale of BIL is a significant milestone in our journey to restructure our capital base and to establish a leading position as a focused global specialty underwriter,” said Mark Cloutier, CEO of Brit Insurance Holdings, in a statement. “We have undertaken a significant reorganization of the group over the last year, and following the transfer of Brit’s U.K. regional business to QBE in April; this transaction allows us to focus on growing our core global specialty business through our Lloyd’s platform, as Brit Global Specialty.”

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