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.”
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