Fairfax Financial Buying Stake In Chinese Insurer

NEW YORK (AP) ¿ Canadian insurance and asset management company Fairfax Financial Holdings Ltd. said Monday that it was buying a 15 percent stake in a Chinese insurer for roughly $66 million.

The deal to buy a stake in Alltrust Insurance Company of China is subject to final approval by Chinese regulators.

Alltrust, based in Shanghai, provides a full spectrum of primary insurance products and services in China, including property insurance, liability insurance, surety bonds, short-term health insurance, accident insurance, motor insurance and reinsurance.

Fairfax Financial Holdings is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

Also Monday, Fairfax Financial Holdings said it has filed a shelf prospectus with securities regulators. The shelf prospectus allows Fairfax to offer from time to time over a 25-month period up to $1 billion of debt, equity or other securities.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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