<p>Fairfax Financial Holdings (FFH.TO) is in early talks to sell 25 percent of India’s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources familiar with the matter said.</p>
<p>ICICI Lombard is a joint venture formed in 2001 between ICICI Bank (ICBK.NS), India’s second largest bank, and Fairfax, which is led by Canadian billionaire Prem Watsa.</p>