Fairfax Financial Holdings has completed the acquisition of Bermuda-based specialty insurance company American Safety Insurance (ASI).
Under the terms of the transaction, for each common share of American Safety its shareholders will receive $30.25 in cash, at the effective time of the merger.
The plan of merger of American Safety with Fairfax Bermuda was approved by ASI shareholders on 26 August 2013.
The agreement was originally signed in June 2013 and amended in August 2013.
American Safety Insurance offers reinsurance and alternative risk markets through its subsidiaries, American Safety Reinsurance, and American Safety Assurance.
Several of the American Safety specialty lines groups will move to Crum & Forster and Hudson, and Fairfax expects the deal to provide it with $480m of additional investable assets.
A wholly-owned subsidiary of FFHL, New Jersey-based Crum & Forster operates as property and casualty insurance firm.
BofA Merrill Lynch acted as exclusive financial advisor and Shearman & Sterling as legal counsel to American Safety, while Torys served as the legal counsel to Fairfax.
