Fairfax Buys Chinese Insurance Stake

TORONTO (AP) — Canada's Fairfax Financial Holdings Ltd. says it has signed a deal to buy a 15 percent interest in Alltrust Insurance Company of China for approximately $66 million.

Fairfax said Monday Shanghai-based Alltrust provides a wide range of insurance products and services in China, including property and liability insurance.

The deal is subject to approval in China.

Fairfax Chairman and Chief Executive Prem Watsa says Alltrust has shown tremendous profitable growth over the last five years.

Toronto-based Fairfax is a financial services holding company with several subsidiaries in property and casualty insurance, reinsurance and investment management.

Fairfax made billions betting against financial institutions last year.