Reinsurance News
Fairfax Financial
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
Fairfax appoints interim Chief Financial Officer
21st May 2019
Fairfax Financial Holdings Limited has appointed John Varnell, Vice President, Corporate Development, to serve as interim Chief Financial Officer (CFO) following the sudden death of Vice President and CFO, David Bonham, this past weekend. Fairfax Chairman and Chief Executive Officer (CEO), Prem Watsa, commented: "The entire Fairfax family mourns the sudden and unexpected loss ... Read the full article
Peter Clarke named Vice President, Chief Operating Officer, Fairfax
8th February 2019
Fairfax Financial Holdings Limited has announced the appointment of Peter Clarke as its new Vice President (VP) and Chief Operating Officer (CFO), reporting to Fairfax President, Paul Rivett. Clarke has been with the Canadian property and casualty (P&C) insurance and reinsurance investment management firm for more than two decades, and most ... 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
Prem Watsa-backed Digit Insurance takes over India’s ITI Reinsurance
28th June 2018
Prem Watsa's Digit Insurance, which is backed by insurance and financial services holding company, Fairfax Financial Holdings, has acquired India's first privately owned reinsurer, ITI Reinsurance, from Fortune Financial Services of Sudhir Valia, according to reports. Through Digit, Watsa, the Founder, Chairman and Chief Executive Officer (CEO) of Fairfax Financial, ... Read the full article
Mitsui Sumitomo approved to acquire First Capital stake from Fairfax
14th December 2017
Japanese insurance and reinsurance giant Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, has been approved to complete its proposed acquisition of Fairfax Financial Holdings Limited’s 97.7% interest in First Capital Insurance Limited of Singapore. The acquisition was originally announced back in August, as Mitsui Sumitomo and ... Read the full article
Mitsui Sumitomo to acquire Fairfax’s 98% First Capital interest
24th August 2017
Fairfax and Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, have entered into an agreement to pursue a strategic partnership which will include establishing reinsurance relationships and Mitsui's acquisition of Fairfax's 97.7% interest in First Capital Insurance Limited of Singapore. Under the agreement the firms announced plans to collaborate in ... Read the full article
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