Fairfax Financial
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The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%. -
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.
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The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”.
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Executive says he has “never seen Fairfax shares sell at a bigger discount to their intrinsic value”
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