Brit
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Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses. -
Before joining Fairfax, Martin Thompson served as president and CEO at RSA Canada, where he worked for over two decades.
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The executive has worked for the company for two decades.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
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Fairfax has sold a 14% stake in the carrier to Canadian pension fund Omers for $375mn.
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The deal was the first time a UK multi-arrangement ILS vehicle was used to issue a cat bond.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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Spread guidance has dropped to the bottom of the carrier’s target range.
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The bond is being issued through the company's third-party capital vehicle Sussex.
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The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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