Weill’s Hamilton Buys Fairfax Units in Insurance Push

Hamilton Insurance Group Ltd., the reinsurer that counts Sanford “Sandy” Weill as non-executive chairman, acquired two units from Prem Watsa’s Fairfax Financial Holdings Ltd. as part of a push into primary coverage.

Hamilton acquired Valiant Insurance and Valiant Specialty Insurance, the Bermuda-based company said today in a statement that didn’t disclose terms. TIG Insurance, the Fairfax subsidiary that sold the businesses, agreed to take on their liabilities from before the transaction. The deal gives Hamilton a “clean slate” as it expands beyond reinsurance, according to the statement.