Zurich sells South African operations

Fairfax Financial Holdings Ltd. said Wednesday it has acquired the South African and Botswana operations of Zurich Insurance Group Ltd.'s Zurich Insurance Co. South Africa Ltd.

The terms of the transaction were not disclosed.

Zurich South Africa has more than 800 employees, according to a Fairfax statement.

According to Zurich, reshaping its geographic footprint is a high priority over the next two years.

“We are pleased to have (Zurich South Africa) join the Fairfax group,” Prem Watsa, chairman and CEO of Fairfax said in the statement. “It is a high-quality and well-known regional business, with an outstanding management team led by Edwyn O'Neill. Africa is a continent that represents a long-term growth opportunity for Fairfax, but where we have traditionally done little primary commercial insurance business. This acquisition represents a key step in expanding our presence in this important market.”