Fairfax Pays $306M To Acquire American Safety Insurance

Law360, New York (June 3, 2013, 7:04 PM EDT) -- Fairfax Financial Holdings Ltd. has spent $306 million to bolster its specialty insurance operations through the acquisition of American Safety Insurance Holdings Ltd., the company said Monday.

The merger agreement, which is expected to close in the fourth quarter of 2013, was unanimously approved by Bermuda-based American Safety's board of directors, who recommended that the company's stockholders vote to approve the deal.

Fairfax plans to use internal resources to finance the deal and anticipates moving several of American Safety's specialty lines to its subsidiaries Crum &...
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