Fairfax to acquire QBE Insurance's units in Hungary, Czech Republic and Slovakia

Posted On: Dec. 17, 2014 12:00 AM CST

Canada-based Fairfax Financial Holdings Ltd. has said that it would acquire QBE Insurance (Europe) Ltd.'s subsidiaries in Slovakia, Hungary and the Czech Republic, ValueWalk reports.

The company decided to acquire these subsidiaries due to limited competition in these countries' insurance sector, said Paul Rivett, president of Fairfax.

Fairfax expects to close the deal in the third quarter of 2015 following regulatory approval.

Fairfax had recently acquired the general insurance business of Malaysia's MCIS Insurance Bhd.