Fairfax Financial
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The Canadian insurer saw property rates dip across its global divisions. -
The Canadian conglomerate’s total cat losses in Q1 reached $781mn, including $692.1mn from the fires.
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Amy Sherk will be the CFO, while Jennifer Allen will become chief business officer.
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The company has been buying out Omers’ shares since 2015.
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The company has grown its premium base by 12% annually over the last five years.
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The company recorded an undiscounted CoR of 93.9% in Q2.
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On a discounted basis, Brit's combined ratio deteriorated by 2.1 points to 72.7%.
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Brit’s combined ratio shed 23.4 points to return to a profitable 94%.
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Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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With the deal, the Canadian conglomerate will boost its ownership interest in the Middle East carrier to 90%.
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Carl Overy will become CEO of Odyssey’s global reinsurance business, as Brian Young takes on broader Fairfax responsibilities.
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Odyssey also booked an underwriting loss and a combined ratio of 107.8%.
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The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.
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Peter Clarke, who is also a member of Fairfax’s executive and investment committees, will continue in his role as COO.
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Fairfax completed the sale of a $900mn stake in Odyssey Group to CPPIB and Omers earlier this month.
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The company will use the proceeds to repurchase up to $1bn of subordinated voting shares.
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The proceeds of the transaction will be used to fund a $1bn share repurchasing programme.
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Net diluted earnings per share jumped to $43.25 in Q2 2021, up from $15.26 last year.
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The Brit owner anticipates a “solid” operating income despite the US winter storms.
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The business is looking to acquire the 71.82% of the business it does not already own.
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally.
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US president Nick Davies, SVP Sean Quigley and COO Adam Finkle leave the business.
