just bought the last insurance unit of the firm that sold Bermuda-based ACE Ltd. a key component for its US platform.

Xerox Corp. on Wednesday finally got out of the financial services business with an agreement to sell to Fairfax Financial Holdings the New Jersey-based property/casualty insurer, Crum & Forster for $680 million, including the assumption of $115 million in debt.

The Financial Times said yesterday that the last insurance operation of Xerox was sold for an after-tax loss of almost $200 million. The loss, charged against its first quarter results, will come after transaction-related costs from the disposal of $75 million.

Toronto-based Fairfax has recently concluded several international acquisitions, including Sphere Drake last year for $300 million.

Xerox Corp., the US document processing company, has spent more than a year trying to sell the various pieces of its insurance subsidiary, Talegen Holdings, Inc.

Xerox this January completed the sale of its penultimate Talegen unit, Westchester Specialty Group, Inc., to Bermuda insurer ACE Ltd. for $338 million in cash.

Westchester Specialty was described as a leading provider of specialty property, umbrella and excess casualty insurance coverages in the US.