Fairfax Financial
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
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The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.
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CEO Prem Watsa said the company expects to acquire the remaining 6% of the company and delist it from the Singapore Stock Exchange.
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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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HudsonPro will be led by senior VP Trevor Howard.
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All of its insurance businesses produced underwriting profits, as Allied World and Odyssey grew GWP by 28% and 24%, respectively.
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The Brit owner anticipates a “solid” operating income despite the US winter storms.
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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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The company’s profits were bolstered by sharp underwriting improvement at Odyssey, which was offset by deterioration at Brit.
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Validus executive Cossu and nine of her team move to Hudson.
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US president Nick Davies, SVP Sean Quigley and COO Adam Finkle leave the business.
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