Shearman & Sterling has advised Fairfax Financial Holdings Limited (“Fairfax”) on a recommended £1.22 billion cash offer through which the entire issued and to be issued ordinary share capital of Brit plc will be acquired by Fairfax. Under the terms of the offer, Brit shareholders will be entitled to receive 305 pence in cash per Brit share.
Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax was founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa. Fairfax has been under present management since 1985 and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.
Brit is a leading global specialty insurer and reinsurer, underwriting policies in the Lloyd’s market across a broad range of commercial insurance and reinsurance classes with a strong focus on Property, Casualty and Energy business.