Brit Limited parent Fairfax Financial Holdings has completed its US$375 million (around CA$473 million) transaction with OMERS.

The cash deal, which was first announced in February, sees the Canadian pension plan acquire an approximate 14% interest in Brit, a UK-headquartered global specialty (re)insurer.

In a release, Fairfax noted that it retains the flexibility to repurchase OMERS’ interest in Brit over time.

In its unaudited full-year results for 2020, Brit suffered a US$232 million loss after tax – a plunge from the US$179.9 million profit after tax reported by the Fairfax subsidiary for 2019.