Fairfax acquires QBE’s Ukrainian operations

Fairfax Financial has acquired QBE’s insurance operations in Ukraine, an operating generating over $5million in gross written premiums.

QBE's Ukrainian business was established in 1998 as the first international insurer operating in the country. It operates in a range of general insurance classes, including motor, property, marine, and general and product liability.

The transaction is expected to close by the second quarter of 2015. Following this, the operations will become part of Fairfax Eastern Europe under the leadership of its president, Peter Csakvari.

"We are thrilled to have QBE's operations and its experienced team in Ukraine join Fairfax Eastern Europe," said Prem Watsa, chairman and chief executive officer of Fairfax. "QBE has a very strong presence in the Ukrainian insurance sector, and 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."