Fairfax Financial

The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.

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.

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.

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.

The company's global insurers and reinsurers segment combined ratio improved 1.3 points to 94% in the second quarter.

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The transaction, set to close in H2, involves a partnership that will see Fairfax invest $200mn in Jab’s consumer investment fund.

The ratings agency also raised Fairfax Financial Holdings long-term issuer credit rating to BBB from BBB- and said the outlook on all entities remained stable.

He will focus on expanding HudsonPro’s offerings in the ancillary sector and build a new platform to address the unique needs of small healthcare businesses.

Peter Clarke, who is also a member of Fairfax’s executive and investment committees, will continue in his role as COO.

CEO Prem Watsa also said his company would prioritize using its capital to grow its P&C business to seize on firm market conditions.

The company's margins improved during Q4 with its combined ratio decreasing to 88.1% from 95.5%, thanks mostly to better margins at Brit, Crum & Forster and Allied World.