American Safety Insurance Holdings says its shareholders have approved its purchase by Fairfax Financial Holdings for about $306 million.
About 84.5 percent of shareholders voted. Of them, 99.4 percent voted in favor of the merger. Bermuda's American Safety will merge with Fairfax Bermuda Holdings.
The transaction, which still needs regulatory approval, is expected to close in the fourth quarter.
Last week Tower Group International said it was in line to receive $5 million to terminate a previously-announced agreement to buy American Safety Reinsurance from Fairfax Financial Holdings.
Instead, American Safety Reinsurance will be sold to Catalina Holdings. Terms of the deal were not disclosed.
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