Fairfax Financial
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Following the $1.4bn sale of C&F’s pet business, the firm says it will buy back shares and will not go after “significant” M&A deals in the P&C industry. -
The company's global insurers and reinsurers segment combined ratio improved 1.3 points to 94% in the second quarter.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The transaction, set to close in H2, involves a partnership that will see Fairfax invest $200mn in Jab’s consumer investment fund.
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The ratings agency also raised Fairfax Financial Holdings long-term issuer credit rating to BBB from BBB- and said the outlook on all entities remained stable.
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He will focus on expanding HudsonPro’s offerings in the ancillary sector and build a new platform to address the unique needs of small healthcare businesses.
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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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CEO Prem Watsa also said his company would prioritize using its capital to grow its P&C business to seize on firm market conditions.
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The company's margins improved during Q4 with its combined ratio decreasing to 88.1% from 95.5%, thanks mostly to better margins at Brit, Crum & Forster and Allied World.
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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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A total of 2 million shares will be bought back by Fairfax at a price of $500 per share, the top end of the forecast range.
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The arrangement allows Brit to reduce exposure to US casualty claims inflation.
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