Reinsurance News
Fairfax Financial
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
Fairfax completes Allied World acquisition
6th July 2017
Fairfax Financial Holdings has announced the successful completion of the acquisition of Allied World Assurance Company Holdings and closing of the exchange offer for all Allied World issued and outstanding ordinary shares, by Fairfax Financial Holdings (Switzerland) GmbH. According to a recent announcement the parent company intends that Fairfax Switzerland, its indirect ... Read the full article
Fairfax to sell shares of Indian insurer ICICI Lombard
30th May 2017
FAL Corporation - a subsidiary of Fairfax Financial Holdings - has announced plans to sell 12.8% of ICICI Lombard General Insurance Company's ("ICICI Lombard") fully diluted shares to Red Bloom Investment (9.00%). Under the deal, ICICI Lombard - a leading general insurance company in India with gross written premiums of approximately $1.2 billion - is valued ... Read the full article
Fairfax-Allied World deal edges closer as shareholders announce vote of approval
23rd March 2017
Allied World Assurance Company Holdings has revealed that its shareholders have approved two proposals surrounding its previously announced merger deal with Canadian firm Fairfax Financial Holdings, bringing the transaction closer to completion. Earlier in March Fairfax exercised its option to increase the cash consideration element of the acquisition by $18 per ... Read the full article
Fairfax to pay more cash for Allied World
13th March 2017
Fairfax Financial Holdings Limited has exercised its option to increase the cash consideration element of its offer to acquire Allied World by $18 per ordinary share, which, combined with a $5 special dividend takes the cash consideration component of the offer to $28 per share. Fairfax and Allied World recently announced that ... Read the full article
Suncorp looks to beat Fairfax to Tower in New Zealand
22nd February 2017
Australia and New Zealand based insurer Suncorp Group has made a counter-offer to acquire Tower Insurance of New Zealand, seeking to beat Prem Watsa's Fairfax to the deal. Prem Watsa's Fairfax Financial made an all cash offer at $1.17 per share, so valuing Tower at $197 million, which was a ... Read the full article
Fairfax Financial heads to New Zealand with $197m Tower acquisition
9th February 2017
Prem Watsa's Fairfax Financial, which owns Brit Insurance and is in the process of acquiring re/insurer Allied World, is entering the New Zealand insurance market with the acquisition of Tower Insurance. Announced today, Fairfax Financial has made an all cash offer at $1.17 per share, so valuing the insurer at ... Read the full article
OMERS to contribute $1 billion to Fairfax’s Allied World acquisition
27th January 2017
It's been confirmed that OMERS, Ontario’s municipal employees’ pension plan has agreed to contribute $1 billion to the acquisition of Allied World alongside Fairfax Financial. The contribution will see OMERS indirectly acquire approximately 21% of insurer and reinsurer Allied World's shares. Fairfax had announced mid-December it would purchase Allied World for $4.9 billion ... Read the full article