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BUZZ-Brit: Canada's Fairfax to buy insurer

Reuters - UK Focus

** News Canada's Fairfax to buy Brit (LSE: BRIT.L - news) propels the London-listed specialty insurer & reinsurer's shares to a record high in hefty trade

** Stock jumps 10.1 pct, its biggest ever one-day move since listing last yr; most actively traded FTSE 250 stock by some margin, at around 14 times 90-day daily avg volume

** Brit shareholders will receive 305p in cash for each Brit share - an 11.2 pct premium over Monday's closing price

** Private equity cos bought Brit in 2010, then sold some 25 pct through flotation on London stock exchange (Other OTC: LDNXF - news) in March 2014

** Brit shares, which fell immediately after float, up some 40 pct since a mid-April trough (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)