TORONTO, Oct. 13, 2022 (World NEWSWIRE) — Fairfax Economical Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) right now declared that all regulatory approvals required to full the earlier declared transaction in which Independence Pet Group and selected of its affiliates, which are the vast majority owned by JAB Holding Company, will purchase all of Fairfax’s pursuits in the Crum & Forster Pet Insurance coverage Group™ and Pethealth Inc., including all of their around the world operations, have been received. The transaction is now scheduled to close on Oct 31, 2022.
About Fairfax
Fairfax Financial Holdings Minimal is a keeping company which, as a result of its subsidiaries, is primarily engaged in house and casualty coverage and reinsurance and the affiliated financial commitment administration.
About Crum & Forster Pet
For more than 20 decades, Crum & Forster Pet Insurance policy Group™ has been dedicated to encouraging men and women get entry to responsible and cost-effective pet insurance plans. From program tests to sudden ailments, our plans are accessible to pet moms and dads of cats and canine. Options are customizable based on unique desires, including coverage stages, coverage limitations, and deductibles. We delight ourselves on groundbreaking new improvements in the industry. Crum & Forster Pet Insurance Group is founding member of the North American Pet Wellness Insurance policies Association (NAPHIA). Pethealth Inc. presents pet products and services by two brand names 24Pet and VioVet. 24Pet are the professionals in shed pet remedies, pet adoptions, animal welfare and shelter assistance. A household of platforms, expert services, merchandise, and individuals, obsessed with pets. From connecting them with loving families, to safeguarding and helping continue to keep them joyful, healthful, and residence. VioVet is a United kingdom registered veterinary on the net pet retailer that gives a wide variety of pet and horse materials, which include prescription and non-prescription drugs, nutritional supplements, food stuff, toys and much more.
About Independence Pet Group
Independence Pet Group is an built-in, whole-stack pet insurance coverage platform indirectly greater part owned by JAB Keeping Corporation. It gives a thorough array of underwriting selections, turnkey companion alternatives, and consumer-struggling with insurance plan products and solutions by its wholly personal subsidiary, Independence American Insurance policy Company, a top supplier of underwriting services to the pet insurance plan sector with licenses in all 50 states. It also is a majority shareholder in Pet Companions, Inc., which distributes and administers through planet-class pet coverage models AKC Pet Insurance and its worksite model, PetPartners. PetPartners in turn owns Figo, a main immediate-to-purchaser brand name which makes use of a highly partaking and mobile helpful Pet Cloud that will allow buyers to handle their pet’s health care, socially interact with fellow pet parents, and simply discover and locate products and services within just the pet ecosystem, and Third Social gathering Pet, providing organization solutions to breeders, pet merchants and their prospects ranging from reside pet stock administration software program, scheduling and facilitating adoptions, micro-chip and registration providers and personalized pet merchandise.
Media Contacts
Crum & Forster Pet: Hallie Harenski, Head of Corporate Communications at [email protected]
Fairfax: John Varnell, Vice President, Company Development at (416) 367-4941
Independence Pet Team: Amanda Trcka, Marketing Communications and PR Manager at (203) 231-9975 or [email protected] and Tom Johnson or Jake Yanulis, Abernathy MacGregor, at [email protected] or [email protected]
Forward Wanting Statements
Certain statements contained herein may possibly represent forward-searching statements and are made pursuant to the “safe harbour” provisions of the United States Non-public Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Specially, statements about the transaction described over and the terms thereof (together with relating to the phrases, disorders and the timing for closing of the proposed transaction explained earlier mentioned) are forward-searching statements. These forward-hunting statements are topic to known and mysterious threats, uncertainties and other components which may bring about the actual outcomes, efficiency or achievements of Fairfax to be materially diverse from any future benefits, efficiency or achievements expressed or implied by these kinds of ahead-hunting statements. These kinds of things contain, but are not restricted to: failure to total the transaction explained over which is subject matter to customary conditions reduction in internet earnings if our reduction reserves are insufficient underwriting losses on the risks we insure that are increased or lower than predicted the occurrence of catastrophic occasions with a frequency or severity exceeding our estimates alterations in industry variables, such as desire rates, overseas trade fees, equity costs and credit rating spreads, which could negatively affect our expense portfolio risks linked with the global pandemic triggered by a novel strain of coronavirus (“COVID-19”), and the relevant world wide reduction in commerce and substantial downturns in inventory markets around the world the cycles of the insurance policy market place and standard financial conditions, which can substantially influence our and our competitors’ high quality rates and ability to generate new business enterprise inadequate reserves for asbestos, environmental and other latent promises publicity to credit rating threat in the celebration our reinsurers fall short to make payments to us beneath our reinsurance arrangements exposure to credit history danger in the occasion our insureds, insurance policies producers or reinsurance intermediaries fall short to remit rates that are owed to us or failure by our insureds to reimburse us for deductibles that are compensated by us on their behalf our lack of ability to keep our prolonged time period credit card debt rankings, the incapability of our subsidiaries to preserve fiscal or statements paying capability rankings and the affect of a downgrade of such scores on derivative transactions that we or our subsidiaries have entered into threats linked with implementing our small business approaches the timing of statements payments remaining faster or the receipt of reinsurance recoverables remaining afterwards than predicted by us pitfalls linked with any use we may well make of spinoff instruments the failure of any hedging strategies we may possibly hire to obtain their ideal danger management goal a lessen in the amount of demand from customers for insurance plan or reinsurance goods, or increased competitiveness in the coverage business the impression of rising assert and coverage difficulties or the failure of any of the decline limitation solutions we make use of our inability to obtain cash of our subsidiaries our incapacity to receive needed levels of cash on favourable conditions, if at all the reduction of vital staff our lack of ability to get reinsurance protection in adequate amounts, at affordable costs or on terms that adequately protect us the passage of laws subjecting our firms to extra adverse demands, supervision or regulation, such as added tax regulation, in the United States, Canada or other jurisdictions in which we work threats connected with government investigations of, and litigation and detrimental publicity relevant to, coverage business exercise or any other perform risks related with political and other developments in foreign jurisdictions in which we run challenges involved with lawful or regulatory proceedings or significant litigation failures or safety breaches of our laptop or computer and details processing techniques the influence exercisable by our significant shareholder adverse fluctuations in foreign forex trade premiums our dependence on independent brokers more than whom we work out minor command impairment of the carrying worth of our goodwill, indefinite-lived intangible assets or investments in associates our failure to recognize deferred revenue tax assets technological or other adjust which adversely impacts demand, or the premiums payable, for the insurance policy coverages we offer disruptions of our information and facts technological know-how devices assessments and shared sector mechanisms which may well adversely impact our insurance policies subsidiaries adverse outcomes to our business, our investments and our staff ensuing from or similar to the COVID-19 pandemic and the failure to complete or understand the predicted gains of the transaction explained previously mentioned. Additional dangers and uncertainties are explained in Fairfax’s most not long ago issued Once-a-year Report which is readily available at www.fairfax.ca and in Fairfax’s Base Shelf Prospectus (below “Risk Factors”) submitted with the securities regulatory authorities in Canada, which is obtainable on SEDAR at www.sedar.com. Fairfax disclaims any intention or obligation to update or revise any ahead-hunting statements, whether as a end result of new details, potential occasions or usually, apart from as needed by applicable securities legislation.
