Canada's Fairfax acquires QBE Ukraine insurer
Fаirfax Financial Holdings Limited (Canada) on Wednesday announced the signing of an agreement with QBE Management (Ireland) Limited and its Ukrainian partner to acquire 100% in QBE Ukraine insurance company, reads a press release of the Ukrainian insurer.
It is planned that the deal will be finalized by the end of the second quarter of 2015 after fulfillment of all conditions of the agreement and the requirement of local legislation.
The press service also said that after the completion of the deal the company will be part of Fаirfax Eastern Europe headed by President Peter Csakvari.
"This is a terrific opportunity for us to expand our operations in the region and continue to build Fairfax Eastern Europe's profitable businesses over the long-term," Fаirfax Board Chairman Prem Watsa said.
QBE Ukraine is the first international insurance company that started working in Ukraine in 1998.