Reinsurance News
Allied World
AM Best upgrades credit ratings of Fairfax and Allied World Assurance
23rd May 2025
Credit rating agency AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” (Excellent) from “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Canadian financial holding company, Fairfax Financial Holdings Limited. Additionally, the company’s subsidiaries, Fairfax (US) Inc. ... Read the full article
MGA Aqueous secures capacity deal with Allied World and Sompo
19th November 2024
Specialist managing general agent (MGA) Aqueous Underwriting has obtained major new capacity in a three-year deal with insurers Allied World and Sompo. From what Reinsurance News understands, the move to a syndicated capacity arrangement will provide the MGA with the opportunity to significantly develop and boost its product suite as it ... Read the full article
Fairfax posts solid rise in GPW in Q3’24
1st November 2024
In their financial results for the third quarter of 2024, Fairfax Financial Holdings has reported net earnings attributable to shareholders of $1,030.8 million, which compares to the $1,068.9 million seen in the third quarter of 2023. According to Fairfax, this figure primarily reflects increased adjusted operating income of $1,136.8 million and ... Read the full article
Fairfax sees net earnings and GWP increase in Q2 2024
2nd August 2024
Fairfax Financial Holdings Limited has announced its financial results for the second quarter of 2024, reporting net earnings attributable to shareholders of $915.4 million, which compares to the $734.4 million seen in the second quarter of 2023. This increase, according to Fairfax, primarily reflects increased adjusted operating income of $1,119.4 million ... Read the full article
AM Specialty Insurance Group acquires Pinpoint Insurance Solutions
13th June 2024
AM Specialty Insurance Company (ASIC), an Excess and Surplus (E&S) insurance firm and an accredited reinsurer, has announced the acquisition of Pinpoint Insurance Solutions, a national programme administrator, managing general agency (MGA), and surplus lines brokerage. Brad J. Sickinger, President of Pinpoint US, said: "We are thrilled to join AM Specialty ... Read the full article
AM Best upgrades ratings of FairFax Financial & Allied World
8th May 2023
Global rating agency AM Best has upgraded Long-Term Issuer Credit Rating (Long- Term ICR) to “bbb+” (Good) from “bbb” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada). At the same time, Best has also upgraded ... Read the full article
Fairfax Financial sees net loss of $75.1m in Q3 2022
4th November 2022
Fairfax Financial Holdings says it saw a net loss of $75.1m in Q3 2022 against net earnings of $462.4m in the same period in 2021. However, gross written premiums for the company in Q3 2022 reached $6,922.9m, up from $5,970.0m in Q3 2021. The firm said that this was an increase ... Read the full article
Allied World names Wes Dupont as COO
4th March 2020
Global insurer and reinsurer Allied World Assurance Company Holdings has announced the appointment of Wes Dupont as Chief Operating Officer (COO) of Allied World Group. As the Chief Operating Officer, he will have oversight of the day-to-day administrative and operational functions across the company. Following the appointment, Dupont will also continue to ... Read the full article
Ascot appoints four from Allied World to excess casualty team
29th October 2019
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has appointed a new excess casualty team, including the addition of Patrick Kenahan as Head of Excess Casualty in Bermuda. Alongside Kenahan, Ascot has also announced that Jason Pugi, Kimberley Pursell, and Michael Watkins have joined as Senior Vice Presidents. The entire team has ... Read the full article
Fairfax appoints Carmilani to organic growth role, names Iglesias as CEO of Allied World
17th July 2019
Fairfax Financial Holdings has announced the appointment of Scott Carmilani to Fairfax Insurance Group in a new role that will see him promote organic growth and collaboration initiatives across the company’s global re/insurance operations. At the same time, Lou Iglesias has been appointed to take over from Carmilani as Chief Executive ... Read the full article
Casualty erosion prompts A.M. Best to downgrade Allied World rating
18th February 2019
The Long-Term Issuer Credit Ratings (Long Term ICR) of Allied World Assurance Company and its affiliates has been been downgraded by AM Best from a+ to a, while its Financial Strength Rating (FSR) of A (Excellent) has been affirmed. The ratings agency has also downgraded the Long-Term ICR of Allied World’s ... Read the full article
Allied World to develop multinational policy platform for Fairfax
13th December 2018
Allied World Assurance Company Holdings, GmbH is developing a new multinational platform to allow Fairfax Financial Holdings Limited to collaborate across its group of companies and issue locally admitted insurance policies. The platform, called Fairfax WorldWideSM, will enable the issuance of locally admitted insurance policies using Fairfax subsidiary licensing capabilities and ... Read the full article
Allied World Re names Yeo Meng Wong as Head of Asia Pacific Treaty Reinsurance
28th August 2018
Allied World Assurance Company Holdings has appointed Yeo Meng Wong as Senior Vice President & General Manager, Asia Pacific Reinsurance Division, effective immediately. Wong first joined Allied World Re in 2010 as Assistant Vice President, International Treaty based in Singapore, before which he held senior positions at Aon Benfield, including as ... Read the full article
Fairfax completes Allied World acquisition
6th July 2017
Fairfax Financial Holdings has announced the successful completion of the acquisition of Allied World Assurance Company Holdings and closing of the exchange offer for all Allied World issued and outstanding ordinary shares, by Fairfax Financial Holdings (Switzerland) GmbH. According to a recent announcement the parent company intends that Fairfax Switzerland, its indirect ... Read the full article
Allied World Assurance launches UK Commercial unit, appoints head
30th May 2017
Allied World Assurance Company Holdings has officially launched its UK Commercial Division and announced that Darren Rowe has joined the firm from Arthur J. Gallagher as Vice President, Head of UK Commercial Division. The new UK Commercial Division enables businesses to secure single product or a combination of numerous coverages to meet ... Read the full article
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