Fairfax Financial
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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. -
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.
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The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.
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Of the cat loss figure, roughly $561mn, or 10.5 points on the CoR, was related to Hurricane Ian, and hailstorms in France contributed $92.5mn, or 1.7 points on the CoR.
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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn.
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Following the $1.4bn sale of C&F’s pet business, the firm says it will buy back shares and will not go after “significant” M&A deals in the P&C industry.
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