Fairfax Financial inks deal to acquire Sri Lankan insurer
Posted On: Jun. 30, 2016 12:00 AM CSTCanada-based Fairfax Financial Holdings Ltd. has signed an agreement with Sri Lanka's Asian Alliance Insurance P.L.C. to acquire the latter's Asian Alliance General Insurance Ltd., reported Daily News.
Fairfax will acquire the general insurer through its wholly owned subsidiary Fairfax Asia Ltd. The transaction is likely to close by the fourth quarter of 2016. Upon completion of the transaction, AAGI will become a subsidiary of Union Assurance General Ltd. and part of the Fairfax Asia group.