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Fairfax Financial

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

Fairfax completes sale of RiverStone Europe to CVC

23rd August 2021

Fairfax Financial Holdings Limited has successfully completed the sale of its interests in RiverStone Europe to CVC Capital Partners. First announced in December 2020, the transaction was finalised with a purchase price of approximately $700 million. Alongside the purchase price, Fairfax will also be entitled to receive up to $235.7 million ... Read the full article

Fairfax reports Q2 net earnings of $1.2bn

2nd August 2021

Canadian property and casualty insurer and reinsurer, Fairfax Financial Holdings' net earnings for Q2 2021 came in at $1.201 billion compared to $434.9 million for the same prior year period. Meanwhile, gross premiums written by Fairfax's re/insurance operations increased to $5.977 billion from $4.702 billion in Q2 2020. The consolidated combined ratio ... Read the full article

Fairfax subsidiary Digit Insurance hits $3.5bn valuation

6th July 2021

Go Digit General Insurance, an Indian-based subsidiary and part of the Fairfax group, is set to raise approximately $200 million in new equity shares, valuing the company at approximately $3.5 billion. Agreements have been entered with firm’s such as Faering Capital, Sequoia Capital India, IIFL Alternate Asset Managers and certain other ... Read the full article

Fairfax reports improved combined ratio of 96%

30th April 2021

Canadian property and casualty re/insurer, Fairfax Financial Holdings has reported a combined ratio for Q1, showing a result of 96.0%, compared to 96.8% for the year prior, producing an increased underwriting profit.  Read the full article

Fairfax expects “solid operating income” for Q1 despite storm losses

15th April 2021

Fairfax Financial Holdings Limited expects to report “solid operating income” for the first quarter of 2021 despite the impact of US winter storms. In preliminary financial reports for the quarter, Fairfax estimated that its consolidated combined ratio will be approximately 96%, with net favourable prior year reserve development. This was due to ... Read the full article

Fairfax looks to take Singapore Re fully private under 100% ownership

22nd March 2021

Fairfax Asia Limited, the Asian holding company for operating entities of Fairfax Group in the region, has made a voluntary conditional cash offer to acquire all of the issued and paid-up ordinary shares in the capital of Singapore Reinsurance Company Limited. Fairfax, which alongside the concert group currently owns 28.18% of ... Read the full article

CVC’s acquisition of RiverStone Europe approved

17th February 2021

The European Commission (EC) has approved the acquisition of RiverStone Europe by CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. The announcement, which was made in December, also noted that RiverStone Europe, which was previously owned ... Read the full article

Fairfax reports re/insurance underwriting profit despite high cat & COVID losses

12th February 2021

Fairfax Financial Holdings Limited has reported a decline in net earnings to $218.4 million for fiscal year 2020, as combined catastrophe and COVID-19 losses reached more than $1.3 billion. Despite the high level of catastrophe and pandemic-related losses, Fairfax's insurance and reinsurance operations recorded a consolidated combined ratio of 97.8%, resulting ... Read the full article

Fairfax to sell RiverStone Europe to CVC in $750m transaction

2nd December 2020

Fairfax Financial Holdings Limited has reached an agreement to sell all of its interests in RiverStone Europe to CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. At the same time, it's been announced that OMERS, the pension ... Read the full article

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

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