Fairfax Financial
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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.
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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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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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Robert Opitz joins the Fairfax-owned business after 24 years at Chubb.
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Ownership will be passed onto a charitable trust in a 100-year plan
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John Varnell, the interim CFO since the sudden death of David Bonham, will return to the role of vice president of corporate development on the appointment of Jennifer Allen.
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The Canadian conglomerate will buy out all of Omers minority stake in Brit.
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Fairfax Financial‘s operating earnings leapt by 35.6 percent in Q2 to $17.18 per share in Q1, as all Fairfax units made an underwriting profit.
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The long-time chief is replaced by Allied World president Lou Iglesias.
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David Bonham joined Fairfax Financial in 2004.
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The insurer also reported lower cat losses compared with a year ago.
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Market sources said Bob Clarkson was sent home earlier today.
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The new Cologne arm will primarily underwrite international casualty and cargo business.
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The in-scope book relates to business written by former Mitsui Sumitomo Syndicate 3210.
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President Paul Rivett denied deal rumours and said the firm is “done” with big acquisitions.
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Fairfax sinks to fourth quarter loss on mark-to-market investment losses.
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The executive moves to the newly created role from the post of chief risk officer.
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The CEO of Advent Underwriting will move to the sister Fairfax company in the New Year.
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Fairfax paid $251.8mn for the 11.2 percent ownership of Brit, implying a value of $2.2bn for the insurer.
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The earnings fell short of consensus estimates partly due to lower investment returns
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The buyer already has substantial operations in Eastern Europe.
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Fairfax accepts $20mn to drop 2006 claims against one firm but still presses others.
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Allied World Re shifts Walter Chaname to head treaty reinsurance division based in Miami.
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A team of three led by Laura Goldsworthy moves following the dissolution of Advent Syndicate 780.
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Uncertainty remains over the future of Advent’s established terror book.
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The insurance-based conglomerate in Toronto posted operating profit that rose 29 percent.
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The Odyssey unit’s grade stems from the group’s balance sheet and operating results.
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Brit-Advent merger and Channel’s restructure in London point the way to coming changes.
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There were positive share price changes over the quarter from only 13 companies in the index.
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The ratings firm said the survival ratio last year improved slightly to 7.8x.
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Advent has made an underwriting loss each year in the past three years, and received the Lloyd’s remediation letter.
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For some time, there has been a need for capacity to come out of the Lloyd’s market and it seems like that is starting to happen.
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More than 100 Advent staff are thought to be having their roles placed under consultation.
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Cyber criminals siphoned off $10mn from Banco de Chile in May.
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But the Toronto-based conglomerate said its overall combined ratio eroded to 96 percent.
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Changes in the way that Thomas Cook India has accounted for its interest in Quess Corp has resulted in a one-off $600mn gain for Fairfax Financial, the firm announced yesterday.
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