NEW YORK CITY (dpa-AFX) - Fairfax Financial Holdings Limited (FFH.TO, FFH_U.TO) said it has agreed to acquire the insurance operations from American International Group, Inc. (AIG) in Argentina, Chile, Colombia, Uruguay, Venezuela and Turkey.
Fairfax has also entered into an agreement to acquire certain assets and renewal rights with respect to the portfolio of local business written by AIG Europe in Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia, collectively the CEE.
Through an ongoing partnership, Fairfax will support and service AIG's multinational business in the countries where business operations are acquired. The total consideration for the acquisition is about $240 million. Each transaction is expected to close next year.
Fairfax currently has Latin American operations in Brazil and Central and Eastern European or CEE operations in Poland, Hungary, Czech Republic, Slovakia and Romania.
Copyright RTT News/dpa-AFX