Reinsurance News

Fairfax Financial

The Rt Hon. David Johnston rejoins Fairfax as a Director

5th October 2020

Canadian property and casualty insurer and reinsurer, Fairfax Financial Holdings Limited, has announced that The Right Honourable David Johnston has rejoined the firm as a Director. Previously, Johnston served as a Director of Fairfax but was required to step down from that role following his appointment as the 28th Governor General ... Read the full article

Blackstone & Fairfax back Ki in $500m capital raise

17th September 2020

Ki, the fully digital and algorithmically-driven Lloyd’s of London syndicate, has raised USD 500 million of committed capital from two backers, funds managed by Blackstone Tactical Opportunities and Fairfax Financial Holdings Limited. The creation of Ki was revealed in May 2020 and the capital commitment is expected to fund the ... Read the full article

$308mn COVID-19 hit dents Fairfax’s Q2 performance

31st July 2020

Canadian property & casualty re/insurance group Fairfax Financial fell to a $13.3 million underwriting loss in the second quarter, due in part to COVID-19 losses of $308.1 million. In addition, Fairfax's Q2 was dented by its subsidiary Brit registering a combined ratio of 114.9%, up from 96% in the prior year quarter. The consolidated ... Read the full article

Fairfax CEO Watsa buys $150mn in additional shares

16th June 2020

Prem Watsa, the Chief Executive Officer of Canadian property & casualty insurance and reinsurance group Fairfax Financial Holdings, has bought additional shares in the company totalling approximately $150 million. Watsa’s purchase consists of 482,600 subordinate voting shares. “At our AGM and on our first quarter earnings release call, I said that our ... Read the full article

$1.5bn COVID-19 investment hit dents solid Q1 for Fairfax

1st May 2020

Re/insurance holding company Fairfax Financial has reported a $1.2 billion first quarter net loss, driven primarily by COVID-19 related unrealised losses on investments. Despite significant net investment losses, the total of which stands at $1.5 billion for the quarter, Fairfax’s underwriting performance was strong, with its 96.8% re/insurance operations combined ratio ... Read the full article

Fairfax warns of $1.4bn Q1 loss, as COVID-19 hits investments

15th April 2020

Fairfax Financial Holdings Limited has released preliminary financial information ahead of its results for the first quarter of 2020, which shows that the company expects to incur a net loss of $1.4 billion, largely due to the impact of the COVID-19 pandemic on investment markets. Chair and Chief Executive Officer Prem ... Read the full article

Investment gains help Fairfax to record earnings in 2019

14th February 2020

Fairfax Financial Holdings Limited has reported record net earnings of $2.0 billion for 2019, primarily reflecting net gains on its investments. Earnings were almost five times higher than the $376.0 million recorded in 2018, with investments contributing $1.7 billion last year, compared to $252.9 million previously. Looking at the fourth quarter only, ... Read the full article

Fairfax Brasil partners with Farmers Edge on data-driven crop insurance

15th January 2020

Fairfax Brasil, a wholly-owned subsidiary of Canada's Fairfax Financial Holdings Limited, has collaborated with digital agriculture firm, Farmers Edge, to bring bespoke, data-driven crop insurance to growers in Brazil. This landmark partnership between the two companies is expected to create new opportunities for growers to capitalise on their data with premium ... Read the full article

OMERS takes 40% stake in Fairfax’s RiverStone UK

20th December 2019

OMERS, one of the largest Canadian defined benefit pension plans, has entered into an agreement with Fairfax Financial Holdings Limited to acquire a 40% interest in RiverStone UK, Fairfax's UK run-off group. Following the transaction, RiverStone UK will benefit from the joint operational expertise of Fairfax and OMERS, providing it with ... Read the full article

Investment losses hit Fairfax in Q3 but underwriting profit up

1st November 2019

Fairfax Financial Holdings Limited has reported a dip in net earnings to $68.6 million for the third-quarter of 2019, primarily as a result of a $96.7 million loss on investments, compared with a gain of $41.2 million in the prior year quarter. The Canada-based firm's net earnings fell by almost 55% ... Read the full article

Fairfax promotes Jennifer Allen to group CFO

9th August 2019

Re/insurance holding company Fairfax Financial Holdings has announced the appointment of Jennifer Allen as the group’s Chief Financial Officer. Allen succeeds John Varnell, who will cease serving as CFO in an interim capacity and continue on as Vice President, Corporate Development of Fairfax. She has been with Fairfax for over 13 years, ... Read the full article

Investment gains prop up higher Fairfax earnings in Q2

2nd August 2019

Fairfax Financial Holdings Limited, the insurance and reinsurance holding company, has reported net earnings of $494.3 million for the second quarter of 2019, supported primarily by net investment gains of $448.6 million. Earnings were up from just $63.1 million in Q2 2018, when Fairfax recorded a net loss of $58.2 million ... Read the full article

Reputation of the vibrant, claims-focused run-off market is growing: RiverStone

29th July 2019

The insurance and reinsurance run-off sector has matured into a healthy, vibrant, claims-focused marketplace, supported by a growing reputation, according to legacy specialist RiverStone. The RiverStone Group is a Fairfax company that specialises in the management of legacy and run-off re/insurance businesses and portfolios. As of the end of March 2019 ... 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

Fairfax’s RiverStone acquires NY-based loss adjuster Rockville

11th July 2019

RiverStone, the insurance run-off management firm owned by Fairfax, has announced the acquisition of Rockville Risk Management and ER Quinn Company. Rockville is a New York-based, privately-owned third-party administrator and loss adjusting company that provides claim services to insurers and reinsurers. Following the acquisition, Rockville will continue to operate as an independent ... Read the full article

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