Fairfax Financial Holdings Ltd. has entered into an agreement to purchase QBE Insurance (Europe) Ltd.’s insurance operations in the Czech Republic, Hungary and Slovakia.

Terms of the transaction were not disclosed.

The QBE operations generated over $40 million in profitable gross written premiums in a range of general insurance classes, including property, travel, general liability and product protection. On closing, these operations will become part of Fairfax Eastern Europe, to be led by Peter Csakvari.

The transfer is expected to close by the third quarter of 2015.