Reinsurance News
Allied World
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
Fairfax-Allied World deal edges closer as shareholders announce vote of approval
23rd March 2017
Allied World Assurance Company Holdings has revealed that its shareholders have approved two proposals surrounding its previously announced merger deal with Canadian firm Fairfax Financial Holdings, bringing the transaction closer to completion. Earlier in March Fairfax exercised its option to increase the cash consideration element of the acquisition by $18 per ... Read the full article
Fairfax to pay more cash for Allied World
13th March 2017
Fairfax Financial Holdings Limited has exercised its option to increase the cash consideration element of its offer to acquire Allied World by $18 per ordinary share, which, combined with a $5 special dividend takes the cash consideration component of the offer to $28 per share. Fairfax and Allied World recently announced that ... Read the full article
Fairfax to tap Omers pension fund, other investors, to finance Allied World buy
25th January 2017
Fairfax Financial Holdings Limited is close to securing as much as $1 billion from Canada's OMERS pension fund to help finance its acquisition of Allied World Assurance Company Holdings, AG, according to reports. Prem Watsa's Canadian property & casualty insurance and reinsurance group Fairfax is set to acquire Switzerland headquartered specialty ... Read the full article
Allied World “go-shop” period expires with no offers
19th January 2017
The "go shop" period for specialty insurance, reinsurance and investments player Allied World Assurance Company Holdings, AG, under the terms of its planned merger with Canadian property & casualty insurance and reinsurance group Fairfax Financial Holdings Limited has not resulted in any offers. Fairfax is set to acquire Allied World in ... Read the full article
Execution risks sit on Allied World’s side in M&A with Fairfax Financial
21st December 2016
The execution risk associated with the impending merger of Canadian property & casualty insurance and reinsurance group Fairfax Financial Holdings Limited and specialty insurance, reinsurance and investments player Allied World Assurance Company Holdings, AG, sits largely with the latter it appears. Rating agency A.M. Best highlights that while there are ... Read the full article