Fairfax Financial to buy Indonesian insurer

April 24 Thu Apr 24, 2014 8:49am EDT

April 24 (Reuters) - Fairfax Financial Holdings Ltd , the Canadian property and casualty insurer run by veteran investor Prem Watsa, said on Thursday it would buy 80 percent stake in Indonesian general insurer PT Batavia Mitratama Insurance.

The deal, expected to close in the second quarter of 2014, is fully financed by Fairfax Asia Ltd, Fairfax Financial said in a statement. It gave no price for the purchase.

On closing, Batavia will join the Fairfax Asia group. (Reporting by Ashutosh Pandey in Bangalore)