Moody's has downgraded the senior debt rating of Fairfax Financial to reflect poor operating earnings over the past several years, negative operating cash flows and its weakened capitalisation.
The international ratings agency lowered the rating to Ba2 from Baa3.
Moody's said Fairfax's poor performance was caused by its acquisition of underperforming insurers and reinsurers. But, it said plans to re-underwrite and re-price should help profitability in the medium term.
A positive factor, Moody's said, was Fairfax's portfolio of cash and short-term investments, expected to reach $800m (£552.8m) by the end of the year. It said this could be used to support Fairfax's US primary insurance operation.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
