Fairfax Financial
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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”. -
Executive says he has “never seen Fairfax shares sell at a bigger discount to their intrinsic value”
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The executive said he is optimistic society will be able to “handle” the pandemic.
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The group reported consolidated Covid-19 losses of $84.3mn for the quarter.
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Berkshire Hathaway, Fairfax and Markel sustained biggest falls in investment value.
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Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.
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The Allied World and Brit parent draws down $1.8bn from a credit facility to support its (re)insurance operations.
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The Canadian carrier's insurance units are looking to take advantage of a favourable rate environment.
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The Toronto-based firm reported net earnings of $24.62 per share, beating consensus by a wide margin.
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A wave of protests last year led to widespread looting and destruction.
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Brit cut premiums by 2.5 percent compared to the prior-year quarter.
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Paul Rivett said social inflation, interest rates and tightening capacity at Lloyd’s had heightened pressure on underwriters.
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