Fairfax to buy Brit for £1.22bn
Boards of both companies have reached agreement on the cash for shares deal.
Brit, the global specialty insurer and reinsurer, is to be taken over by Canadian insurer Fairfax in a cash deal worth around £1.22bn.
The boards of both companies announced they had reached agreement on the terms of a recommended cash offer through which Brit's entire ordinary share capital will be acquired by FGL which is owned by Fairfax.
Richard Ward, Brit's chairman, said: "Our two businesses are highly complementary and the proposed deal provides both groups with an exciting opportunity to
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