Fairfax Financial to sell pet insurance operations to Germany’s JAB for $ 1.4 b

Friday, 24 June 2022 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Fairfax Financial Holdings will sell its global pet insurance operations to JAB Holding, the private investment company of Germany’s Reimann family, in a $ 1.4 billion deal, the companies said on Monday.

Fairfax, the Canadian investment company headed by well-known contrarian investor Prem Watsa, will sell its interests in Crum & Forster Pet Insurance Group and Pethealth Inc. including all of their worldwide operations to JAB’s pet insurance unit for $ 1.15 billion in cash and $ 250 million in seller notes. As part of the deal, Fairfax will also make a $ 200 million investment in JCP V, JAB’s latest consumer fund, which will include pet insurance as a core part of its portfolio. JAB, which aims to bolster its pet insurance portfolio with the deal, is known for its investments in doughnut maker Krispy Kreme, in which it owns nearly 45%.