Keyword
Fairfax
Fairfax welcomes back former Canadian governor general to its board
October 5, 2020 by Greg MeckbachFairfax Financial Holdings Ltd. announced Monday that former Governor General of Canada David Johnston is back on its board of directors. Johnston had to step down from the Fairfax board when he became Governor General of Canada in 2010, the…
Why the hard market reminds Fairfax CEO of 2001
August 14, 2020 by Greg MeckbachSteep price increases that have hit brokers’ commercial clients will not continue for the long term, but the current hard market is reminiscent of the period after Sept. 11, 2001, when two planes destroyed the World Trade Centre in New…
The thinking behind the latest OMERS P&C insurer deal
May 5, 2020 by Greg MeckbachBy selling a good chunk of its runoff business to one of Canada’s largest pension plans, Fairfax Financial Holdings Ltd. is allowing that business to buy discontinued Lloyd’s books while still allowing Fairfax to invest in its other insurers, CEO…
Hard market to continue with COVID-19: Fairfax
April 20, 2020 by Greg MeckbachNorthbridge Insurance’s premiums are up 20% compared to early 2019 and hard market conditions will continue, Fairfax Financial Holdings Ltd. officials said Thursday. “The hard market conditions that we have been experiencing through 2019 and into the first quarter of…
Fairfax’s Watsa unruffled by pandemic, one of three “black swan” events in 2020
April 17, 2020 by Greg MeckbachThe COVID-19 pandemic was one of three “black swans” to hit the industry so far in 2020 but despite the uncertainty and panic, things will return to normal, suggests Prem Watsa, CEO of Toronto-based Fairfax Financial Holdings Ltd. “The U.S.…
Fairfax predicts court’s reaction to legislated retroactive BI policy changes
April 16, 2020 by Greg MeckbachIf laws get passed retroactively changing business interruption policy wording so that pandemic losses now get covered, insurers will likely launch legal challenges that will be looked at by high court judges, Fairfax Financial CEO Prem Watsa suggests. During Fairfax’s…
Is the end in sight for commercial rate increases?
February 25, 2020 by Greg MeckbachCommercial rate increases gradually became steeper in 2019 and should continue like this for some time, says Prem Watsa, chairman and CEO of Fairfax Financial Holdings Ltd. Toronto-based Fairfax, the parent company of Northbridge Financial, recently reported a 21.6% increase…
The ‘social inflation’ affecting Fairfax Financial’s run-off business
February 21, 2020 by Greg MeckbachAsbestos-related commercial liability claims could soon reach a peak, but they continue to be a concern for the property and casualty insurance industry, suggests Prem Watsa, founder and chairman of Toronto-based Fairfax Financial Holdings Ltd. “Asbestos has been a problem…
Firming market ‘might have legs,’ Fairfax executive predicts
November 4, 2019 by Greg MeckbachInsurance premiums are up nearly 14% for carriers owned by Fairfax Financial, and much of that is due to price increases, the holdings company’s president suggests. “In my career here – 16 years – I haven’t seen anything quite like…
This Canada-based insurance giant is taking a break on mega-mergers
August 14, 2019 by Greg MeckbachIf a blockbuster insurer merger gets announced tomorrow, it probably won’t involve Toronto-based Fairfax Financial Holdings Ltd., which has grown steadily through insurer acquisitions over the past 34 years. “We are not looking to add in a significant way from…
Commercial insurer raising some prices by 30%
August 12, 2019 by Greg MeckbachThe hardening commercial insurance market has resulted in double-digit price increases for some of Fairfax Financial’s insurers, with rates in some lines increasing by nearly a third. “Price increases are significant, some lines up as much as 30%,” said Paul…
Fairfax replaces Allied World CEO
July 22, 2019 by Greg MeckbachScott Carmilani, until recently CEO of Allied World Assurance Company Holdings GmbH, has a new role with Fairfax Insurance Group, Toronto-based Fairfax Financial Holdings Ltd. announced last week. Fairfax owns about two-thirds of Zug, Switzerland-based Allied World. Replacing Carmilani as CEO…