Boosting its presence in
Thailand, Canadian reinsurer and insurer Fairfax Financial Holdings
has acquired a 25% stake in Thai Re, Thailand’s largest domestic
reinsurer. The deal, worth C$70m ($69m), will make Fairfax by far
Thai Re’s largest shareholder.
Thai Re’s share price has
fallen significantly, more than halving since September 2011 and
clearly providing an attractive entry level for Fairfax which has a
history of astute investing.
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Founded in 1979, Thai Re is
active in the general and life segments of Thailand’s reinsurance
market. In 2010, Thai Re reported net written premium income of
THB3.7bn ($115m) of which 16% was derived from life
reinsurance.
Thai Re becomes Fairfax’s
second interest in Thailand, the other being general insurer
Falcon, a joint venture with Thai insurer Navakij
Insurance.
In the wake of the recent
floods in Thailand, Fairfax, which has interests spanning general
and life insurance and reinsurance, is active in 14 countries
through 18 wholly- or partly-owned companies.
Fairfax reported total revenue of C$6.2bn in 2010 and a
net profit of C$469m.
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