Toronto-based Fairfax Financial Holdings Limited announced a series of corporate reshufflings effective Jan. 1.
Beginning Jan. 1, the business of Fairmont Specialty Group will be renamed Fairmont Specialty Division of Crum & Forster.
Fairfax chief financial officer Greg Taylor said in a statement that the move will enable Fairmont to access the ratings and organizational strength of Crum & Forster, the Morristown, N.J.-based subsidiary that is a national commercial and casualty company writing a broad range of corporate covers.
The trust established for the benefit of TIG Insurance Company at the beginning of TIG's runoff in December 2002 has been terminated and the assets in the trust have been released.
As a result of this release and other inter-group transfers, the company said, 43.6 million of Fairfax's 55.5 million shares of Odyssey Re Holdings are held outside regulated insurance companies.
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