Fairfax to Sell Portion of ICICI Lombard
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/27/17 -- Fairfax Financial Holdings Limited ("Fairfax") (TSX: FFH)(TSX: FFH.U) announced today that its wholly owned subsidiary, FAL Corporation, has agreed to sell 12.18% of the fully diluted shares of ICICI Lombard General Insurance Company Limited ("ICICI Lombard") to Red Bloom Investment Ltd (9.00%), a company wholly owned by private equity funds managed by Warburg Pincus LLC, Tamarind Capital Pte. Ltd (1.59%), a company wholly owned by the Clermont Group, and IIFL ?Special Opportunities Fund (1.59%). The proposed transaction values ICICI Lombard at Rs. 20,300 crore (approximately US$3.1 billion), is subject to governmental and regulatory approvals and is expected to close in the third quarter of 2017.
ICICI Lombard is a leading general insurance company in India with gross written premiums of approximately US$1.2 billion for fiscal year 2016. Upon completion of the transaction, the share ownership in ICICI Lombard of ICICI Bank Limited and Fairfax will be approximately 63% and 22%, respectively.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Contacts:
Fairfax Financial Holdings Limited
John Varnell
Vice President, Corporate Development
(416) 367-4941
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Datum: 27.05.2017 - 18:33 Uhr
Sprache: Deutsch
News-ID 1506119
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