Fairfax Financial Holdings Ltd. in Toronto announced Tuesday that certain of its U.S. subsidiaries have sold an aggregate of two million shares of Zenith National Insurance Corp. common stock to Wachovia Securities, a unit of the Charlotte banking company, at a net price of $66 per share.
Net proceeds from the transaction will be $132 million, Fairfax said, producing a pretax realized gain of about $79 million.
After the completion of the trade, Fairfax said, it will hold about 3.9 million shares, or roughly 16%, of Zenith common stock on a fully diluted basis. Fairfax Financial Holdings is a financial services holding company which, through its subsidiaries, engages in property and casualty insurance and reinsurance, and investment management.
