Fairfax Financial Holdings has appointed Amy Sherk as chief financial officer, replacing Jennifer Allen, who has taken on the role of chief business officer.
Sherk has been with Fairfax group companies for over 20 years, most recently serving as CFO of Fairfax India Holdings Corp.
Prior Amy Sherk worked at Fairfax India Holdings Corp., as Vice President from 2025, Helios Fairfax Partners Corp., as Vice President from 2021, and Fairfax Financial Holdings Ltd., as Chief Financial Officer from 2025.
Ms. Sherk also formerly worked at FairVentures, Inc., as Assistant Vice President-Investment Accounting. Ms. Sherk received her undergraduate degree from Wilfrid Laurier University.
Additionally, Debbie Chalkley, a 13-year veteran of Fairfax group companies, has been named CFO of Fairfax India. All appointments took effect on March 10.
In January, Fairfax appointed Brian Young as president of Fairfax Insurance Group, effective Jan. 1, 2025. He succeeds Andrew Barnard, who now serves as chairman of the group, according to Beinsure.
Young has been with Odyssey Group since 1996, leading as CEO since 2011. During his tenure, the company recorded 13 consecutive years of underwriting profits and nearly tripled its size.
Prem Watsa, chairman and CEO of Fairfax Financial who received the 2024 National Builder Award, welcomed the changes.
Fairfax operates as a holding company with subsidiaries primarily involved in property and casualty insurance, reinsurance, and related asset management.
Preliminary estimates indicate that Fairfax could face net losses between $500 mn and $750 mn from the Los Angeles wildfires.
During a fourth-quarter earnings presentation, President and COO Peter Clarke stated that the losses would primarily impact reinsurance operations through Odyssey, Brit, and Allied World. Industry losses from the fires are estimated to range from $35 bn to $45 bn.
Fairfax’s losses may exceed the usual 1% to 1.5% of industry losses due to the reinsurance nature of the event.
Fairfax reported net earnings of $3.87bn for the 2024 fiscal year, or $160.56 per diluted share after preferred dividends. This compares to $4.38bn in net earnings for 2023, or $173.24 per diluted share.
The company achieved a record $1.8bn in underwriting profit, with a consolidated combined ratio of 92.7%. Property and casualty insurance and reinsurance operations delivered a record $4.8bn in adjusted operating income and $6.5bn in total operating income, including the impact of discounting, net of risk adjustments.
Book value per basic share rose to $1,059.60 as of December 31, 2024, from $939.65 a year earlier, reflecting a 14.5% increase when adjusted for the $15 per common share dividend paid in early 2024.
Most of Fairfax’s underwriting entities hold Best’s Financial Strength Ratings of A (Excellent).
