Fairfax Financial

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.

Fairfax completed the sale of a $900mn stake in Odyssey Group to CPPIB and Omers earlier this month.

A total of 2 million shares will be bought back by Fairfax at a price of $500 per share, the top end of the forecast range.