Ebix.com Completes Final Closing of Share Sale to Brit.Online insurance portal Ebix.com Inc. said it has completed the second and final closing under its agreement with Brit Insurance Brit Insurance Holdings plc (LSE: BRE) is a London-based general insurance and reinsurance group. It is a member of the London Stock Exchange and a constituent of the FTSE 250 Index. Market capitalisation was over £850m as of mid-2005. Holdings plc. Ebix.com issued 4.7 million shares of its common stock in return for $4.2 million in cash and Brit's transfer to Ebix.com of about half of its holding of common stock in Insurance Broadcast Systems Inc. This represents 28% of IBS' issued share capital. This final closing brings London-based specialty insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. and reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. Brit's total cash investment in Ebix.com to $7 million, making it the company's largest shareholder. "The money will help us fund some of our ventures in the international market," said Robin Raina, Ebix.com's president and chief executive. The company will be taking its ebixASP.com, an e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. system for agencies, into Europe in the near future. It also plans to launch a joint venture in India and take "the whole concept of an exchange into the country," Raina said. Brit brit also britt n. 1. The young of herring and similar fish. 2. Minute marine organisms, such as crustaceans of the genus Calanus, that are a major source of food for right whales. has agreed not to acquire 49% or more of Ebix.com common stock without the approval of Ebix.com's board. In addition, Brit has the right to designate des·ig·nate tr.v. des·ig·nat·ed, des·ig·nat·ing, des·ig·nates 1. To indicate or specify; point out. 2. To give a name or title to; characterize. 3. two members of the company's board, Ebix.com said. In April, Ebix.com sold 2.24 million shares of its common stock to Brit for $2.8 million. Earlier that month, Ebix.com agreed to sell more than 6.9 million shares to Brit for $8.7 million, or $1.25 a share. In addition, the companies decided to negotiate an agreement that would allow Ebix.com to receive fees for reviewing, developing and servicing Brit's e-commerce infrastructure. |
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