February 4, 2015
Fairfax Financial Holding Limited (Canada) announced conclusion of an agreement with QBE Management (Ireland) Limited and its Ukrainian partner on purchasing 100% of the insurance company QBE Ukraine, according to the press-release of the Ukrainian insurer.
The completion of this transaction is planned for the end of the second quarter of 2015, when all reservations to the agreement required by the local law are observed.
The press office of QBE Ukraine informs that after the completion of this transaction the insurance company will become a part of Fairfax Eastern Europe, managed by president Peter Chekvari.
The insurance company QBE Ukraine was founded in 1998. Last year the total amount of insurance premium returns exceeded USD 5 mln in business categories like vehicle insurance, property insurance, freight insurance, general liability insurance (including liability for certain products).
Fairfax is a holding company which offers financial services, such as property and liability insurance, reinsurance and investment management.