Fairfax Financial Holdings has announced leadership changes, effective March 10.
Amy Sherk has been appointed chief financial officer of Fairfax, while Jennifer Allen, who has served as CFO since 2019, will transition to the newly created role of chief business officer.
Sherk has been with Fairfax group companies for more than 20 years, most recently as CFO of Fairfax India Holdings Corporation. Debbie Chalkley, who has been with Fairfax Group for more than 13 years, will assume the role of CFO at Fairfax India, also effective March 10.
Prem Watsa, chairman and CEO of Fairfax, highlighted the company’s commitment to internal succession planning. He acknowledged Allen’s contribution as CFO and stated that she will continue to support the company’s strategic initiatives in her new role while assisting Sherk in her transition.
Watsa also noted that Sherk’s experience within Fairfax over the past two decades makes her a natural fit for the CFO position.
Fairfax has reported profit of US$1.3 billion for the fourth quarter of 2024, down from US$1.7 billion a year ago. Gross premiums written, however, totalled US$7.5 billion, up from US$6.6 billion a year earlier.
For 2024, the company earned US$4.3 billion, down from US$5.1 billion in 2023. Gross premiums written rose to US$32.8 billion in 2024 from US$29.2 billion the year prior.
The company has disclosed that it expects net losses of between $500 million and $750 million from the California wildfires. President and COO Peter Clarke has said that the fires would also primarily be a reinsurance event for Fairfax through Odyssey, Brit and Allied World. Fairfax’s losses could be slightly higher than its typical range of 1% to 1.5% of industry losses due to reinsurance exposure, Clarke added.
Fairfax operates as a holding company with subsidiaries primarily engaged in property and casualty insurance, reinsurance, and investment management.
