Fairfax Financial
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The upgrade reflects improvements in C&F’s financials and those of parent company Fairfax. -
The Inside P&C news team runs you through the earnings results for the day.
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Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.
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The executive joined the reinsurer a year ago after over 14 years at TransRe, where he held various property treaty positions.
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Its long-term issue credit ratings was upgraded to “aa-“ (superior). The changes were made in recognition of the parent company’s improved financials.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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The conglomerate said its cat losses for the first quarter this year were driven by exposure to the recent earthquake in Turkey.
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With the deal, the Canadian conglomerate will boost its ownership interest in the Middle East carrier to 90%.
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Carl Overy will become CEO of Odyssey’s global reinsurance business, as Brian Young takes on broader Fairfax responsibilities.
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Executives were speaking after Fairfax reported a headline combined ratio of 90.9%, an increase of 2.8 points year over year.
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The company's GWP growth slowed further in the fourth quarter of 2022, increasing roughly 7.4% year-over-year to $7.0bn.
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The executive said the company’s diversification allowed it to absorb significant losses while remaining profitable.
