TORONTO – Fairfax Financial Holdings Ltd. signed an agreement to sell its interests in Crum & Forster Pet Insurance Group and Pethealth Inc. to JAB Holding Co. for US$1.4 billion.
As part of the transaction, Fairfax will receive US$1.15 billion in cash and US$250 million in seller’s warrants.
Fairfax will also make a US$200 million investment in JCP V, JAB’s latest consumer fund that will include pet insurance in its portfolio.
Crum & Forster Pet Insurance Group insures more than 500,000 pets and markets or underwrites several brands, while Pethealth provides pet services.
The agreement is subject to customary closing conditions, including various regulatory approvals.
It is expected to close in the second half of this year.
This report from The Canadian Press was first published on June 20, 2022.
Companies in this story: (TSX: FFH)
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