TORONTO, ONTARIO--(Marketwired - July 31, 2014) - Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) today announced the signing of a share purchase agreement by its wholly-owned subsidiary, Fairfax Asia Limited ("Fairfax Asia"), to acquire 78% of the general insurance business of Union Assurance PLC ("Union Assurance"), a Sri Lankan insurer. The transaction is subject to customary closing conditions, including the successful completion of due diligence along with regulatory and court approvals, and is expected to close by the first quarter of 2015.