Fairfax Financial News

S&P Lowers Ratings of Allied World After Acquisition by Fairfax; Outlook Stable

S&P Global Ratings lowered its long-term counterparty credit and senior debt ratings on Allied World Assurance Co. Holdings AG to ‘BBB-‘ from ‘BBB+’, following the completion of the company’s acquisition last week by Fairfax Financial Holdings. At the same time, …

Fairfax Financial Completes $4.9 Billion Acquisition of Allied World

Fairfax Financial Holdings Ltd., the Toronto-based investment and insurance company, has successfully completed its acquisition of Allied World Assurance Co. Holdings, for US$4.9 billion – marking the company’s largest purchase yet. Indeed, Prem Watsa, chairman and chief executive officer, has …

Watsa’s Fairfax Plans to Buy Control of Indonesia Insurer’s Non-Life Unit: Sources

Fairfax Financial Holdings Ltd., the Canadian investment firm led by Prem Watsa, is in advanced talks to buy control of Indonesian financial group PT Paninvest’s non-life insurance unit, people with knowledge of the matter said. The transaction would value the …

Fairfax Financial to Buy 33% Stake in India’s Bangalore Airport for $322 Million

Indian airport operator GVK Power & Infrastructure Ltd. said it sold a stake in its Bengaluru aerodrome to Fairfax Financial Holdings Ltd., helping cut debt. The shares rose. Fairfax will buy 33 percent of Bangalore International Airport Ltd. for 21.49 …

Canada’s Fairfax Financial to Raise $536.4M to Fund Larger Stakes in 2 Insurers

Fairfax Financial Holdings said on Monday it plans to raise C$735 million ($536.42 million) through an equity issuance, to fund its acquisition of interests in Eurolife ERB Insurance Group Holdings and ICICI Lombard General Insurance Co. The offering of one …

Insurers Face Claims of $600 Million from Brazilian Mine Disaster: Sources

Insurers covering risks for a Brazilian mine where two dams burst last week, killing at least six people, could pay up to $600 million in claims, a source with direct knowledge of the matter said on Monday. A property policy …

Irish Insurers Face Higher Reserves; Fairfax Financial to Invest in FBD Holdings

Irish insurers will have to set aside significantly more reserves to cover car-crash, workplace injuries and other claims as compensation payouts surge, according to the industry’s regulator. The nation’s central bank will tell insurers the results of a review of …

S&P: Reinsurance M&A Will Be Driven by Berkshire Hathaway Model

Reinsurance M&A activity should continue well into 2016 as competitive pressures continue unabated, Standard & Poor’s said in a new report. The ratings firm said that the Berkshire Hathaways of the world – investment holding companies seeking to enter the …

Fairfax Completes Acquisition of American Safety

American Safety Insurance Holdings, Ltd. has announced the successful completion of its previously announced acquisition by Fairfax Financial Holdings Limited. After Fairfax increased its offer, American Safety shareholders will receive $30.25 in cash for each common share they owned as …

Canada’s Fairfax to Buy American Safety in $306 Million Cash Deal

Fairfax Financial Holdings Ltd., a Canadian insurer, agreed to buy American Safety Insurance Holdings Ltd. for $306 million in an all-cash deal that will bring $480 million of investable assets. American Safety shareholders will receive $29.25 per share, a 22 …