Fairfax To Sell American Safety To Catalina

Fairfax Financial Holdings Ltd. said Tower Group International has canceled its agreement to acquire American Safety Insurance Holdings Ltd.’s Bermuda unit and it will be sold to Catalina Holdings (Bermuda) Ltd. instead.

Pursuant to the terms of the agreement, Tower agrees to terminate its right to acquire AS Re in return for a $5 million payment from Fairfax and Catalina agrees to purchase AS Re from Fairfax promptly upon Fairfax acquiring American Safety. Such transaction remains subject to customary conditions, including regulatory approvals

#BermudaBusiness

Category: All, Business