Fairfax to gain from claims-firm deal
Fairfax Financial Holdings Ltd. stands to take in proceeds of between $200-million and $300-million if private equity firm CVC Capital Partners Ltd. strikes a deal, as expected, to buy Cunningham Lindsey Group Ltd. in coming days. Florida-based Cunningham Lindsey bills itself as one of the biggest loss adjusting and claim management companies in the world. At the moment, it is owned jointly by New York-based private equity firm Stone Point Capital LLC and Toronto-based Fairfax. According to sources, talks to sell Cunningham Lindsey to CVC Capital Partners are in an advanced stage and the purchase price could be as much as $1-billion. In its most recent quarterly results, Fairfax said that the fair value of its stake in Cunningham was $257.3-million as of June 30.