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Fairfax Wins Catalina’s Support for American Safety Deal

Fairfax Financial Holdings Ltd., the Toronto-based insurer led by investor Prem Watsa, won support from Catalina Holdings Bermuda Ltd. to proceed with a deal to buy American Safety Insurance Holdings Ltd.

American Safety dropped 3 percent to $30.14 at 1:00 p.m. in New York, below the $30.75 per share that closely held Catalina offered as a competing bid for the Bermuda-based insurer on Aug. 14. Fairfax’s most recent offer was for $30.25 a share.