Lloyd’s of London insurer Brit Insurance has agreed to a takeover by Canada’s Fairfax Financial Holdings for £1.22 billion in the latest consolidation in the sector.
Brit shareholders will receive 305p in cash, an 11.2 per cent premium on the company’s closing price last night, and have been urged to accept the offer by the board.
The deal comes after a wave of acquisitions in the insurance market. Catlin agreed to a £2.7 billion takeover by America’s XL last month.
Mark Cloutier, chief executive of Brit, which was replaced by Waitrose as sponsor of the England cricket team, said the deal would “enable us to enhance our global product offering and provide us with expanded underwriting opportunities and distribution channels”.
“Our business is complementary to