Colonnade Insurance, a member of Canadaʼs Fairfax Financial Holdings, has opened a branch in Hungary and taken over the local business of QBE Insurance, Hungarian news agency MTI reported today.

QBEʼs local branch said late in 2014 that its Australian owners had signed an agreement to sell the business to Fairfax.

QBE entered the Hungarian market in 1998, when it acquired travel insurer Atlasz.

Colonnade sells asset and accident insurance, reinsurance and investment products at branches in Czech Republic, Slovakia and Ukraine, in addition to Hungary. Read the full story HUNGARY: Fairfax Financial Holdings unit takes over QBE branch