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Fairfax
Fairfax chief financial officer died suddenly
May 21, 2019 by Greg MeckbachDavid Bonham, chief financial officer of Fairfax Financial Holdings Ltd., died suddenly this past weekend, the Toronto-based company announced Tuesday. Fairfax is the corporate owner of Northbridge Insurance and several international property and casualty insurers, including OdysseyRe, Brit PLC, Allied…
How Fairfax’s Allied World acquisition is working out
May 10, 2019 by Greg MeckbachOld medical malpractice claims with Allied World Assurance Company are still affecting the bottom line of Canada’s Fairfax Financial Holdings Ltd., which bought the majority of Allied World nearly two years ago. With a combined ratio of 102.3%, Zug, Switzerland-based…
Where Fairfax is going with future acquisitions
February 19, 2019 by Greg MeckbachWhile Fairfax Financial Holdings Ltd. is not ruling out the possibility of buying small specialty insurance players, don’t expect the firm to buy any big insurers any time soon. Toronto-based Fairfax, whose holdings include Northbridge Insurance, bought the majority of…
What’s next for Fairfax in the Lloyd’s market
November 2, 2018 by Greg MeckbachToronto-based Fairfax Financial Holdings Ltd. plans to buy the remainder of Lloyd’s insurer Brit PLC within the next couple of years, Fairfax president Paul Rivett said Friday. Toronto-based Northbridge Insurance and Stamford, Conn.-based OdysseyRe are among the insurance subsidiaries owned…
What Fairfax’s CEO is saying about interest rates
May 19, 2018 by Greg MeckbachAs Canadian insurers struggle with auto claims and weather-related losses, relief may be in sight in the form of interest rate increases. “We think interest rates will go up over time because the economy of the U.S. is doing very…
No hard market despite 2017 hurricane losses: Fairfax
May 17, 2018 by Greg MeckbachDespite nearly US$100 billion in hurricane losses in 2017, insurance buyers are not experiencing a hard market like they did after the 2001 terror attacks that brought the World Trade Centre down, the head of Fairfax Financial Holdings Ltd. suggests.…
Intact, Fairfax discuss impact of interest rate hike on income
February 27, 2018 by Greg MeckbachWith interest rates at historic lows, Canadian property and casualty insurers rely more on underwriting profits to keep profitable than they have in the past. What difference would a rate hike make to insurers? A one percentage point rise in…
“We really don’t need to buy another company:” Fairfax CEO
February 21, 2018 by Greg MeckbachSeven months after buying the majority of Allied World Assurance Company Holdings AG, Toronto-based Fairfax Financial Holdings Ltd. does not have any immediate plans to buy more insurance companies for the time being. “We really don’t need to buy another…
Combined ratio deteriorates 38.9 points for Fairfax amid hurricane losses
November 3, 2017 by Canadian UnderwriterFairfax Financial Holdings Ltd. has reported an underwriting loss of $833 million during the three months ending September 30, with its insurers’ share of losses from three recent hurricanes and an earthquake in Mexico amounting to $960 million. All figures…
Former Governor General Johnston to help Fairfax Financial with government relations outside Canada
October 17, 2017 by Canadian UnderwriterDavid Johnston, until recently Governor General of Canada, has been hired by Fairfax Financial Holdings Ltd., the Toronto-based corporate parent of several property and casualty insurers, as a global advisor, Fairfax said Tuesday. Johnston was replaced Oct. 2 as Governor…
Reduction of ICICI Lombard holdings results in net gain to Fairfax of nearly US$1 billion
October 4, 2017 by Canadian UnderwriterFour months after it announced the sale of about an eighth of a Mumbai-based general insurer, Toronto’s Fairfax Financial Holdings Ltd. said it has raised gross proceeds of US$548 million by selling another 12% of ICICI Lombard General Insurance Company…
A.M. Best has ‘significant concerns’ about global reinsurance industry after 2016 accident year combined ratio tops 100%
September 5, 2017 by Canadian UnderwriterThe global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,…