The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Fairfax Enters Into Agreement With Tower Group and Catalina Holdings Regarding Acquisition of American Safety Reinsurance

Monday, August 19, 2013

Fairfax Enters Into Agreement With Tower Group and Catalina Holdings Regarding Acquisition of American Safety Reinsurance

08:00 EDT Monday, August 19, 2013

TORONTO, ONTARIO--(Marketwired - Aug. 19, 2013) -

( Note : All dollar amounts in this press release are expressed in U.S. dollars.)

Fairfax Financial Holdings Limited (TSX:FFH)(TSX:FFH.U) today announced an agreement with Tower Group International, Ltd. (Tower) and Catalina Holdings (Bermuda) Ltd. (Catalina) in connection with Fairfax's previously announced merger agreement with American Safety Insurance Holdings, Inc. (NYSE:ASI), pursuant to which Fairfax agrees to sell American Safety's Bermuda subsidiary, American Safety Reinsurance, Ltd. (AS Re), to Catalina promptly upon acquiring American Safety.

Pursuant to the terms of the agreement, Tower agrees to terminate its right to acquire AS Re in return for a $5 million payment from Fairfax and Catalina agrees to purchase AS Re from Fairfax promptly upon Fairfax acquiring American Safety. Such transaction remains subject to customary conditions, including regulatory approvals. In addition, pursuant to the terms of the agreement, Catalina has agreed to vote its shares in American Safety in favor of the proposed acquisition of American Safety by Fairfax.

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


Contact Information:
Fairfax Financial Holdings Limited
John Varnell
Vice President, Corporate Development
(416) 367-4941

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections