Brit dents Fairfax results as combined ratio soars to 112.6% on cat and COVID-19 losses in 2020

Prem Watsa's Fairfax Financial Holdings, the property and casualty re/insurance conglomerate which includes OdysseyRe, Allied World and Brit, posted a fall in net profit for fiscal year 2020, driven by $1.3 billion combined catastrophe and COVID-19 losses and 112.6 percent combined ratio of its subsidiary Brit. Brit's chief executive Matthew Wilson, however, pointed to rate increases and withdrawal of capacity in the market from certain classes as cause for optimism going into 2021.