Fairfax subsidiary RiverStone completes acquisition of Brit Insurance

Fairfax Financial Holdings Ltd. of Toronto announced Friday its RiverStone runoff subsidiary has completed the acquisition of London-based Brit Insurance Ltd.

Last June, Manchester, N.H.-based RiverStone reached an agreement to purchase all outstanding shares of Brit from Brit Group. At the time, the purchase price was expected to be about $300 million.

Through its subsidiaries, Fairfax provides property and casualty insurance, reinsurance and investment management. In Canada, its subsidiary Northbridge Financial provides P&C insurance under the Northbridge and Federated brands. Its other North American subsidiary firms providing insurance are Crum & Forster Holdings Corp. and Zenith National Insurance Corp. Its reinsurance subsidiaries are Advent, Group Re, Odyssey Re, Polish Re and Singapore Re.

Brit International wrote insurance and reinsurance before being placed into runoff.