1. Most Discussed
  2. Gainers & Losers
QBE $11.02


  1. Michaelirish

    19,560 Posts.
    What a good idea.........................

    Get to hell out of Ukraine..............................

    Fairfax to acquire QBE's Ukranian insurance operations

    TORONTO Tue Feb 3, 2015 5:32pm EST
    • mce-anchorinShare
    • Share this
    • Email
    • Print


    (Reuters) - Canadian financial services holding company Fairfax Financial Holdings Ltd (FFH.TO) said on Tuesday it has agreed to acquire the Ukranian insurance operations of Australia's QBE Insurance Group (QBE.AX), expanding its presence in Eastern Europe.
    Fairfax expects the deal to close in the second-quarter of 2015. It did not disclose a purchase price for the asset.
    Two months ago Toronto-based Fairfax, headed by well known contrarian investor Prem Watsa, agreed to acquire QBE insurance operations in the Czech Republic, Hungary and Slovakia.
    Fairfax said QBE's Ukranian operations have been profitable for over a decade and in 2014 the operation generated more than $5 million in profitable gross written premiums in a range of general insurance classes, including motor, property, marine, and general and product liability.
    On closing, the asset will become part of Fairfax Eastern Europe under the leadership of its President, Peter Csakvari.
    "This is a terrific opportunity for us to expand our operations in the region and continue to build Fairfax Eastern Europe's profitable businesses over the long-term," Watsa said in a statement.
    Watsa is well known for betting on a turnaround in embattled smartphone pioneer BlackBerry Ltd (BB.TO) (BBRY.O), as well as investments in banks that were struggling inGreece and Ireland.
    Fairfax said the QBE operations in Ukraine date back to the late 1990s and that it is very stable with high retention rates. The firm said despite the challenging conditions withinUkraine in 2014, the QBE operations there grew by about 20 percent.

Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.