15 April 2021Insurance

Fairfax reports strong underwriting performance for re/insurance businesses in preliminary results

Fairfax Financial Holdings has told shareholders to expect strong underwriting performance from its re/insurance operations when it releases its first quarter of 2021 financial results.

Fairfax released preliminary indications of some Q1 results, which suggest Fairfax’s group re/insurance operations achieved a consolidated combined ratio of around 96 percent.

In Q1 2020 Fairfax reported a consolidated combined ratio of 96.8 percent for its re/insurance businesses.

Fairfax, a holding company with subsidiaries engaged in property and casualty re/insurance, said its businesses had also enjoyed strong growth in gross premiums written in Q1 of approximately 17 percent, to approximately $5.5 billion, as well as favourable reserve development.

Prem Watsa, chairman and chief executive officer at Fairfax, said: “We remain focused on continuing to be soundly financed and expect that, at the close of our RiverStone Barbados transaction, we will have paid off our credit facility completely and will have cash and marketable securities in the holding company of approximately $1.3 billion.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
17 November 2021   The re/insurance conglomerate has entered into an agreement to sell 10% stake in its subsidiary.
Insurance
5 November 2021   Odyssey Group and Brit were among the businesses hard hit by cat losses.
Insurance
12 February 2021   Fairfax's net profit declined by 89 percent while Brit swung to a net loss of $232 million in 2020.