Reinsurance News
Fairfax Financial
Odyssey’s Brian Young takes charge of re/insurance at Fairfax
21st February 2023
Fairfax Financial Holdings Limited has announced that, in connection with recent management changes at Odyssey, the CEO of Odyssey Group, Brian Young, will expand his remit to share oversight responsibilities with Andy Barnard, President of Fairfax Insurance Group, over all of Fairfax’s insurance and reinsurance operations. Odyssey has confirmed that Young ... Read the full article
Fairfax Financial’s gross premiums rise in 2022 earnings
17th February 2023
Fairfax Financial Holdings has reported fiscal year 2022 net earnings of $1,147.2 million, compared to 2021’s $3,401.1 million. However, gross premiums written for the fiscal year rose to $27,912.6 million, from 2021’s $23,910.2 million. For the fiscal year, net premiums written by its property and casualty (P&C) insurance and reinsurance operations increased ... 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
Brit CEO Wilson to step down, Martin Thompson named as successor
31st October 2022
Global specialty insurance and reinsurance firm Brit Ltd., part of the Fairfax Financial Holdings Limited group of companies, has announced that its CEO Matthew Wilson is stepping down from his role and to be succeeded by Martin Thompson. Thompson will become the new Brit Group CEO and also Executive Chairman of ... Read the full article
Fairfax Financial announces net loss for Q2 2022
29th July 2022
Fairfax Financial Holdings has announced a net loss of $881.4m in Q2 2022 after net earnings of $1,201.4m in the same period the year before. Concurrently, the firm is reporting increases of 27.5% and 40.5% year on year between Q2 2021 and Q2 2022 in gross written premiums for Odyssey Group ... Read the full article
Fairfax-backed Go Digit seeks approval to launch Indian reinsurer: Report
13th June 2022
According to reports, Go Digit General Insurance, an Indian-based insurtech subsidiary and part of Prem Watsa's Fairfax Group, is seeking regulatory approval to launch a reinsurance entity. India has just the one domestic reinsurance company, GIC. So this is seen as big news, as Prem Watsa backed Go Digit could become ... Read the full article
Fairfax units get ratings upgrade from S&P
1st June 2022
S&P Global Ratings has upgraded its ratings for Fairfax Financial Holdings and its core re/insurance subsidiaries based on their strong competitive position and improved results. The rating agency raised the holding company’s long-term issuer credit rating from ‘BBB-‘ to ‘BBB’ and the long-term issuer credit and financial strength ratings on its ... Read the full article
Fairfax grows top line but earnings shrink on investment losses
29th April 2022
Property and casualty re/insurance holding company Fairfax Financial has reported net earnings of just $125.5 million for the first quarter of 2022, compared with $806.0 for the same period last year. The dip in performance comes after Fairfax reported record earnings of $3.4 billion in 2021. Earnings in Q1 were affected ... Read the full article
Fairfax acquires additional Fairfax India shares
17th February 2022
Property and Casualty re/insurance holding company Fairfax Financial has acquired an aggregate of 5,416,000 subordinate voting shares of Fairfax India Holdings, through its subsidiaries. This transaction represents 4.93% of the issued and outstanding Subordinate Voting Shares of Fairfax India, from two existing shareholders at a price of $12.00 per Subordinate Voting ... Read the full article
Fairfax sees record 2021 earnings
11th February 2022
Fairfax Financial Holdings has reported fiscal year 2021 net earnings of $3,401.1m, compared to 2020’s $218.4m. The Canada-based firm (all amounts in this story are in USD) said that last year was the best it had ever had, with record net earnings of $3.4bn and growth in book value per share ... Read the full article
Fairfax appoints new president
11th February 2022
Fairfax Financial Holdings has appointed Peter Clarke to be its new president. Clarke, the company’s Chief Operating Officer (COO), has also served as the company’s Vice President, Chief Risk Officer, and Chief Actuary. Alongside his new role as President, he will continue in his current role as COO. Prem Watsa, Chairman and Chief ... Read the full article
Fairfax offloads 10% of Odyssey in $900mn deal
16th December 2021
Fairfax Financial has successfully sold a 4.995% slice of its subsidiary Odyssey Group to both CPPIB Credit Investments and OMERS, the defined benefit pension plan. Each will acquire a 4.995% interest in Odyssey through a new class of securities, for an aggregate cash purchase price of $900 million. CPPIB is a wholly-owned ... Read the full article
Fairfax to offload 10% of Odyssey Group in $900mn-rated deal
17th November 2021
Property and Casualty re/insurance holding company Fairfax Financial has entered into a $900 million agreement to offload a 9.99% interest in Odyssey Group, its US re/insurance subsidiary. The transaction will be achieved via a sale of securities to affiliate CPPIB Credit Investments and OMERS, a defined benefit pension plan for Ontario’s municipal sector employees. ... Read the full article
Fairfax reports Q3 underwriting loss but net earnings rise to $462.4mn
5th November 2021
Fairfax Financial Holdings Limited has reported an underwriting loss of $46.5 million for the third quarter of 2021, driven by the impacts of Hurricane Ida in the U.S. and the European floods in July, partially offset by lower pandemic-related losses. The consolidated combined ratio of the insurance and reinsurance businesses totalled ... Read the full article
OMERS takes $375m stake in Fairfax’s Brit
31st August 2021
Fairfax Financial Holdings Limited has announced the completion of an investment into its Brit Limited subsidiary by OMERS, the pension plan for Ontario’s municipal employees. First announced in February 2021, the transaction sees OMERS acquire a 14% stake in Brit for a cash sum of approximately $375 million. After closing, Fairfax will ... Read the full article
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