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…
Gross written premiums up 9.7% for Northbridge
August 8, 2017 by Canadian UnderwriterNorthbridge Insurance had a 0.3-point in its second-quarter combined ratio, from 100% last year to 99.7% this year, while OdysseyRe’s combined ratio improved 3.9 points, the insurers’ parent firm, Fairfax Financial Holdings Ltd., reported recently. Toronto-based Northbridge Insurance had an…
Fairfax agrees to reduce holdings in insurance joint venture with ICICI Bank
June 1, 2017 by Canadian UnderwriterFairfax Financial Holdings Ltd. has agreed to reduce its holdings in Mumbai, India-based insurer ICICI Lombard General Insurance Company Ltd., a joint venture between ICICI Bank and Toronto-based Fairfax. In its annual report for 2016, released in April, Fairfax reported…
Commercial insurance premiums down 17% at AIG
May 3, 2017 by Canadian UnderwriterAmerican International Group Inc. reported more than $1 billion in profit in the latest quarter and the New York City-based insurer continues “remediation” of its United States property and casualty business. AIG released Wednesday its financial results for the first…
Ontario Municipal Employees Retirement System agrees to buy minority stake in Allied World
January 27, 2017 by Canadian UnderwriterAllied World Assurance Company Holdings AG will be 21% owned by the Ontario Municipal Employees Retirement System (OMERS) if a deal announced Friday with Fairfax Financial Holdings is approved. Toronto-based Fairfax announced Dec. 18 a merger agreement, valued at about…
Fairfax Financial agrees to buy Zurich’s South Africa and Botswana insurance operations
July 8, 2016 by Canadian UnderwriterFairfax Financial Holdings Ltd., the Toronto-based parent company of Northbridge Insurance and OdysseyRe, recently announced it has agreed to acquire Zurich Insurance Company Ltd.’s South African and Botswana operations. The proposed acquisition of Zurich Insurance Company South Africa Limited (ZICSA)…
Northbridge warns of ‘dangerous mental distractions’ to drivers
July 8, 2016 by Canadian UnderwriterThe use of hands-free technologies while driving does not eliminate distracted driving risk, Northbridge Insurance suggested Thursday in a blog post. “Many drivers aren’t fully engaged on the road putting their lives and the lives of others at risk,” Toronto-based…