Brit
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted. -
The company’s Syndicate 2988 exited direct property business.
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The carrier’s Ki syndicate made an underwriting profit.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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The former Peak Capital and AlphaCat exec will take on a general investor relations role, while Kitade will focus on business development in Asia.
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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.
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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.
