Brit plc, the private equity-controlled Lloyd’s of London insurer, has struck a deal to be acquired by Fairfax Financial Holdings Ltd., of Canada. The deal values the target’s equity at £1.22 billion ($1.88 billion), and implies an approximately 27% premium over Brit’s initial public offering in March of last year. CVC Capital Partners and Apollo Global Management LLC sold a minority stake at the time, while retaining 73.3% of the property and casualty insurer. Tuesday’s acquisition follows the £2.7 billion sale of fellow Lloyd’s of London insurer, Caitlin Group Ltd. to New York-listed XL Group plc.
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