Fairfax buys three QBE units in Eastern Europe

Fairfax Financial Holdings is to acquire QBE's insurance operations in the Czech Republic, Hungary and Slovakia.

The existing businesses and renewal rights of QBE's operations in the Czech Republic, Hungary and Slovakia are expected to be transferred to Fairfax by the third quarter of 2015.

The units generated more than $40 million in gross written premiums in a range of general insurance classes, including property, travel, general liability and product protection. On closing, these operations will become part of Fairfax Eastern Europe under the leadership of Peter Csakvari.

"The operations in Hungary, Slovakia and Czech Republic are each led by general managers with more than twelve years of experience in their respective markets and supported by strong teams of underwriters with demonstrated experience writing profitable business over the long-term. We look forward to concluding this transaction with QBE and building Fairfax Eastern Europe over the long-term with the existing experienced teams under the leadership of Peter Csakvari, a proven leader in the region," said Prem Watsa, chairman and CEO of Fairfax.