1. Market Position & Share
- In 2021, according to Fitch Ratings, Fairfax Financial held about 9% of the U.S. cyber insurance market, ranking alongside Chubb (10%) and AXA XL (9%) as one of the leading carriers.
- By 2023, Fairfax (USA) Group ranked #3 among the Top 20 U.S. cyber insurers, just behind AXA XL.
- In 2025, according to BeInsure, Fairfax experienced a sharp decline (–61.2%) in cyber premium volume, totaling about $179.7M, but it still remained in the Top 10.
2. Company Structure & Subsidiaries
- Fairfax Financial is a Toronto-based Canadian holding company, operating globally through subsidiaries such as Allied World, Brit Insurance, Crum & Forster, Odyssey Re, Northbridge, Zenith, among others.
- In the U.S., its cyber insurance is primarily offered via:
- Allied World – Limits up to $25M, flexible terms, broad cyber liability coverage.
- Brit Insurance – Forensic, legal, PR expenses; limits up to
£5M ($6.1M). - Crum & Forster – Coverage for PCI liability, regulatory defense, e-crime & social engineering (limits up to $250K).
- Crum & Forster has also faced cyber-related challenges, including a RansomHouse breach, but has since strengthened its eRisk team by hiring experienced underwriters from competitors like Hiscox and Beazley.
3. Financial Strength & Stability
- DBRS Morningstar rates Fairfax with an Issuer Rating of BBB (high), while its insurance affiliates hold “A” ratings, all with Stable outlooks.
- In 2023, Fairfax reported global insurance & reinsurance gross premiums of $28.9B (up 4.8% year-over-year). However, premium volumes in cyber and professional liability lines declined compared to prior years.
4. Summary
Fairfax Financial (USA) Group is a significant player in the U.S. cyber insurance market, distributing coverage mainly through Allied World, Brit, and Crum & Forster. It reached 9% market share in 2021, remained in the Top 3 in 2023, but by 2025 its cyber premium volumes dropped sharply despite still ranking in the Top 10.
From a financial stability perspective, Fairfax and its affiliates maintain solid ratings and resources, but its cyber business performance has recently weakened.
Summary Table
| Aspect | Details |
|---|---|
| Market Share (2021) | ~9% (among top insurers with Chubb & AXA XL) |
| Ranking (2023) | #3 in U.S. cyber insurance market |
| 2025 Premium Trend | ~$179.7M (–61.2% YoY decline); still Top 10 |
| Subsidiaries Covering Cyber | Allied World, Brit Insurance, Crum & Forster |
| Coverage Highlights | Allied World up to $25M; Brit up to ~£5M; Crum & Forster e-crime $250K |
| Recent Developments | Crum & Forster breach; team expansion with experienced cyber underwriters |
| Credit Ratings | Parent: BBB (high); Affiliates: A; Stable trends |
| 2023 Financial Results | $28.9B global gross premiums; decline in cyber/professional liability lines |
