Reinsurance News
Fairfax Financial
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
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