Fairfax Financial
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally. -
The company’s profits were bolstered by sharp underwriting improvement at Odyssey, which was offset by deterioration at Brit.
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Validus executive Cossu and nine of her team move to Hudson.
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US president Nick Davies, SVP Sean Quigley and COO Adam Finkle leave the business.
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Natural catastrophes during the quarter cost the insurance group $219mn.
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Specialty insurer Brit bears the brunt of Covid claims for Canadian group.
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Executive says he has “never seen Fairfax shares sell at a bigger discount to their intrinsic value”
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The executive said he is optimistic society will be able to “handle” the pandemic.
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Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.
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The Allied World and Brit parent draws down $1.8bn from a credit facility to support its (re)insurance operations.
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The Canadian carrier's insurance units are looking to take advantage of a favourable rate environment.
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The Toronto-based firm reported net earnings of $24.62 per share, beating consensus by a wide margin.
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