Fairfax Financial
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The activist investor has accused Fairfax of “pulling levers” to produce “paper profits”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The short seller has accused the company of manipulating asset values.
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The company will hold its Q4 earnings call on Friday February 16.
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The deal was announced in April, whereby the firm agreed to purchase a further 46% stake to take its shareholding to 90%.
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The Inside P&C news team runs you through the earnings results for the day.
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The COO noted that despite being able to get rate in excess of inflation, particularly social inflation, the carrier is watching casualty lines “very closely”.
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The upgrade reflects improvements in C&F’s financials and those of parent company Fairfax.
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The Inside P&C news team runs you through the earnings results for the day.
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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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The executive joined the reinsurer a year ago after over 14 years at TransRe, where he held various property treaty positions.
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Its long-term issue credit ratings was upgraded to “aa-“ (superior). The changes were made in recognition of the parent company’s improved financials.
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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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The conglomerate said its cat losses for the first quarter this year were driven by exposure to the recent earthquake in Turkey.
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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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Executives were speaking after Fairfax reported a headline combined ratio of 90.9%, an increase of 2.8 points year over year.
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The company's GWP growth slowed further in the fourth quarter of 2022, increasing roughly 7.4% year-over-year to $7.0bn.
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The executive said the company’s diversification allowed it to absorb significant losses while remaining profitable.
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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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Of the cat loss figure, roughly $561mn, or 10.5 points on the CoR, was related to Hurricane Ian, and hailstorms in France contributed $92.5mn, or 1.7 points on the CoR.
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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn.
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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.
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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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Fairfax has entered into an agreement with the Canada Pension Plan Investment Board (CPPIB) and the Ontario Municipal Employees Retirement System (Omers), where each of them will acquire a 4.995% stake in Odyssey Group for an aggregate cash consideration of $900mn.
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The conglomerate posted $604.6mn in Hurricane Ida and European floods losses.