Fairfax fully acquires Brit for $383m
Fairfax Financial has finalised the acquisition of the remaining 13.8% stake in Brit from OMERS, the pension plan for Ontario’s municipal employees.
The transaction, valued at approximately $383m (C$546.1m), brings Fairfax’s ownership of Brit to 100%, which held 86.2% by acquiring the interest of OMERS.
OMERS, with a history spanning more than 60 years, has been providing secure lifetime pensions to its members in Ontario.
The pension plan boasts a team of investors and professionals, with a net asset value of $133.6bn as of 30 June 2024, marking it as one of Canada’s largest defined benefit pension plans.
Recently, Brit and Ki announced that Ki will begin operating as an independent entity within the Fairfax Group from 1 January 2025. Ki, established by Brit in 2020 and running as Syndicate 1618 at Lloyd’s since 2021, is recognised as the fully digital follow syndicate in the industry.
Fairfax, headquartered in Toronto, is a conglomerate with a primary focus on P&C insurance, reinsurance and investment management.
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By GlobalData
In the third quarter of 2024, Fairfax reported net earnings of $1.03bn, equating to $42.62 net earnings per diluted share after preferred share dividends.
This performance was largely due to increased adjusted operating income of $1.13bn and net gains on investments.
As of 30 September 2024, the company’s book value per basic share stood at $1,033.18, a notable increase from $939.65 on 31 December 2023, even after accounting for a common share dividend of $15 paid earlier in the year.
Earlier this year, Fairfax acquired, through its insurance company subsidiaries, 271,100 common shares of Ensign Energy Services for an aggregate purchase price of approximately C$657,092 through the facilities of the Toronto Stock Exchange.
