Fairfax buys Chinese insurance stake

Canada's Fairfax Financial Holdings Ltd. says it has signed a deal to buy a 15 percent interest in Alltrust Insurance Company of China for approximately $66 million.

Fairfax said Monday Shanghai-based Alltrust provides a wide range of insurance products and services in China, including property and liability insurance.

The deal is subject to approval in China.

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Fairfax Chairman and Chief Executive Prem Watsa says Alltrust has shown tremendous profitable growth over the last five years.

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Toronto-based Fairfax is a financial services holding company with several subsidiaries in property and casualty insurance, reinsurance and investment management.

Fairfax made billions betting against financial institutions last year.