Fairfax acquires 80% stake in Batavia

Financial services holding company Fairfax Financial, through its wholly-owned subsidiary Fairfax Asia, has entered into a share purchase agreement to acquire 80 percent of PT Batavia Mitratama Insurance, an Indonesian insurer.

The Jakarta based motor insurer will join Fairfax Asia in the second quarter of 2014, under the leadership of its chief executive officer Ramaswamy Athappan.

"We are thrilled to have PT Batavia Mitratama join the Fairfax group and we look forward to working with the Bintoro family as our new partners," said Prem Watsa, chairman and chief executive officer of Fairfax.

"Batavia has a strong presence in the Indonesian insurance sector and this is a fantastic opportunity for us to expand our operations in the region."