Fairfax selling interests in Crum & Forster Pet Insurance Group and Pethealth Inc.
Written by The Canadian Press on June 20, 2022
TORONTO — Fairfax Financial Holdings Ltd. has signed a deal to sell its interests in the Crum & Forster Pet Insurance Group and Pethealth Inc. to JAB Holding Co. for US$1.4 billion.
Under the transaction, Fairfax will receive US$1.15 billion in cash and US$250 million in seller notes.
Fairfax will also make a US$200 million investment in JCP V, JAB’s latest consumer fund which will include pet insurance as part of its portfolio.
Crum & Forster Pet Insurance Group insures over 500,000 pets and markets or serves as underwriter for several brands, while Pethealth offers pet services .
The deal is subject to customary closing conditions, including various regulatory approvals.
It is expected to close in the second half of this year.
This report by The Canadian Press was first published June 20, 2022.
Companies in this story: (TSX:FFH)
The Canadian Press