OdysseyRe

OdysseyRe eyes cat and casualty growth after “calm” 1.1 renewal

OdysseyRe exited the “very calm” 1 January renewals with positive results across its portfolio, with the reinsurer open to growing its property and casualty books for the right clients, global CEO Carl Overy has told The Insurer in an exclusive interview.

Fairfax Q3 2023 CR down 5.3 points as net earnings more than double to $1.1bn

Fairfax Financial’s Q3 2023 combined ratio improved by 5.3 points year on year to 95.0 percent, with each one of its property and casualty carriers bar the Hawaii wildfire-hit Crum & Forster recording an improved underwriting performance during the period, led by Allied World.

OdysseyRe’s Overy: Further corrections are needed at 1.1

OdysseyRe’s Carl Overy discusses his first six months as CEO and his outlook for the 1.1 renewals.

Brit reports 94.8% combined ratio for Q2

Brit Insurance has reported a combined ratio of 94.8 percent for the second quarter of 2023, an increase of 0.1 percentage points on its Q2 2022 figure.

Odyssey Group upgraded to A+ by AM Best on strong UW and Fairfax improvement

AM Best has upgraded the financial strength rating of Odyssey Group and its (re)insurance carrier subsidiaries from A to A+, pointing to strong underwriting results at the company, as well as the removal of ratings drag from its parent Fairfax Financial.

Guy Carp’s Shafer named head of NA cyber underwriting at Odyssey Re

Odyssey Re has appointed Guy Carpenter reinsurance broker Chris Shafer to be its new head of North American cyber underwriting, reporting to Odyssey’s North America CEO Brian Quinn.

Fairfax Q1 UW gain down 3% on cats despite improved CR at Allied World, Brit and C&F

Underwriting profits at Fairfax Financial fell 3 percent in the first quarter to $314mn as catastrophe losses within the firm’s P&C operations rose 47 percent to $192mn - from $130mn the year before - and the firm’s consolidated combined ratio rose 0.9pts to 94 percent.

OdysseyRe hires TransRe veteran Contasta to LatAm property treaty team

OdysseyRe’s Latin America-based operation in Miami has added long-time TransRe property treaty specialist Humberto Contasta to its team.

Odyssey’s Hudson Insurance hires WTW’s Lowe as cyber leader

Odyssey Group division Hudson Insurance Group has appointed Emily Lowe as senior vice president and cyber practice leader for HudsonPro, with the new hire joining from WTW.

Fairfax P&C operating income soars on improved Q2 underwriting

Fairfax Financial’s P&C operating income surged 62 percent to $645.3mn in Q2 2022 following what chairman and CEO Prem Watsa called an “excellent underwriting performance”, but the business swung to a net loss of $881.4mn in Q2 2022 after it digested $1.55bn of net losses on investments.

OdysseyRe confirms Finnegan in US general casualty head role

OdysseyRe has announced that former Everest Re executive Michael Finnegan has rejoined as senior vice president and head of US general casualty treaty, succeeding Steve Van de Graaf, confirming the appointment revealed by this publication last week.

Fairfax closes sale of 10% Odyssey stake to Canadian pension funds

Fairfax Financial Holdings Limited has completed the previously announced sale of a 9.99 percent interest in (re)insurance unit Odyssey Group Holdings for $900mn to Canadian pension funds CPPIB Credit Investments and Ontario Municipal Employees Retirement System (Omers).

Fairfax sells 10% stake in Odyssey to Canadian pension funds

Fairfax Financial Holdings has agreed to sell a roughly 10 percent interest in its (re)insurance unit Odyssey Group Holdings for $900mn to Canadian pension funds CPPIB Credit Investments and Ontario Municipal Employees Retirement System.

Odyssey’s Young: Technological innovation has brought us closer together

Odyssey Group president and CEO Brian Young reflects on more than three decades in the reinsurance sector.

Casualty pushes Odyssey premium growth in H1 but company stays cautious on cat

Odyssey Group saw continued premium growth across its operations in the first half of 2021 with casualty the main driver, but president and CEO Brian Young told this publication “a material correction” in cat pricing was needed for it to grow its property segment.

European reinsurance “uncertainty” drove Fairfax’s $69mn Q2 Covid loss

Fairfax Financial has revealed that the $68.7mn of Covid losses it reported in the second quarter mostly came from European reinsurance business at Odyssey Group and Allied World, with the Canadian holding company’s management noting uncertainty around what is covered and how many events the losses represent.

Fairfax Q2 (re)insurance GPW soars as Brit leads CR drops across the board

Fairfax Financial’s (re)insurance gross premiums written (GPW) increased over 27 percent in Q2 and operating income soared on lower Covid-19 losses, while Brit recorded the biggest improvement in underwriting performance across the group.

Odyssey Group launches global D&F offering amid market disruption

Odyssey Group has launched a new global direct and facultative business focused on providing capacity up to $2.5mn per risk to support large clients as the company looks to take advantage of dislocation in the property market, The Insurer can reveal.

Fairfax Financial (re)insurance ops deliver strong top-line growth and lower CR

Allied World, Brit and Odyssey parent Fairfax Financial reported that its (re)insurance operations grew gross written premiums by 17.3 percent in Q1 and lowered their consolidated combined ratio by 80 basis points to 96.0 percent despite higher cat losses in the period.

Markel’s Rhoads elected chair of RAA board

Markel Global Re president and chief underwriting officer Jed Rhoads has been elected chair of the Reinsurance Association of America’s board of directors.

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