Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces
net earnings of $806.0 million ($28.91 net earnings per diluted
share after payment of preferred share dividends) in the first
quarter of 2021 compared to a net loss of $1,259.3 million ($47.38
net loss per diluted share after payment of preferred share
dividends) in the first quarter of 2020. Book value per basic share
at March 31, 2021 was $497.23 compared to $478.33 at
December 31, 2020 (an increase of 6.1% adjusted for the $10
per common share dividend paid in the first quarter of 2021).
"In the first quarter of 2021, all of our major
insurance companies achieved a combined ratio below 100%, with
Northbridge and Zenith National leading the way at 87.0% and 88.1%.
Our consolidated combined ratio of 96.0% in the first quarter of
2021 included catastrophe losses of $210.8 million or 5.7 combined
ratio points. Core underwriting performance continued to be very
strong, with growth in gross premiums written of 17.3% and
operating income increasing to $298.2 million despite the higher
catastrophe losses.
"Our investments increased significantly with
net gains on investments of $908.7 million primarily reflecting net
unrealized gains related to equity exposures. Mark-to-market
movements on certain of our non-insurance investments in associates
and consolidated investments, which are not reflected in our
financial statements, also increased significantly in the first
quarter of 2021 by approximately $1.1 billion.
"We continue to focus on being soundly financed
and ended the quarter with approximately $1.4 billion in cash and
investments in the holding company. After the close of our
RiverStone Barbados transaction we expect to have $1.3 billion in
cash and investments and our credit facility paid off in full,"
said Prem Watsa, Chairman and Chief Executive Officer.
The table below presents the sources of the
company's net earnings in a format which the company has
consistently used as it believes it assists in understanding
Fairfax:
|
First quarter |
|
2021 |
|
2020 |
|
($ millions) |
Gross premiums written |
5,428.0 |
|
|
4,775.7 |
|
Net premiums written |
4,145.9 |
|
|
3,846.4 |
|
|
|
|
|
Underwriting profit |
149.0 |
|
|
103.1 |
|
Interest and dividends -
insurance and reinsurance |
105.8 |
|
|
159.4 |
|
Share of profit (loss) of
associates - insurance and reinsurance |
43.4 |
|
|
(36.9 |
) |
Operating income - insurance
and reinsurance |
298.2 |
|
|
225.6 |
|
Run-off (excluding net gains
(losses) on investments) |
(16.3 |
) |
|
(22.8 |
) |
Non-insurance companies
(excluding net gains (losses) on investments) |
(84.9 |
) |
|
(34.0 |
) |
Interest expense |
(166.1 |
) |
|
(115.7 |
) |
Corporate overhead and other
income (expense) |
42.5 |
|
|
(252.1 |
) |
Net gains (losses) on
investments |
842.0 |
|
|
(1,539.5 |
) |
Gain on deconsolidation of
insurance subsidiaries |
66.7 |
|
|
117.1 |
|
Pre-tax income (loss) |
982.1 |
|
|
(1,621.4 |
) |
Recovery of (provision for)
income taxes |
(159.5 |
) |
|
232.3 |
|
Non-controlling interests |
(16.6 |
) |
|
129.8 |
|
Net earnings (loss)
attributable to shareholders of Fairfax |
806.0 |
|
|
(1,259.3 |
) |
Highlights for the first quarter of 2021 (with
comparisons to the first quarter of 2020 except as otherwise noted)
include the following:
- Gross premiums
written by the insurance and reinsurance operations increased by
17.3% to $5,428.0 million from $4,629.2 million and net
premiums written increased by 12.1% to $4,145.9 million from
$3,699.9 million.
- The consolidated
combined ratio of the insurance and reinsurance operations was
96.0%, producing an underwriting profit of $149.0 million
despite higher catastrophe losses of $210.8 million, compared
to a combined ratio of 96.8% and an underwriting profit of
$103.1 million in 2020. The insurance and reinsurance
operations experienced growth in net premiums earned of 14.4% and
net favourable prior year reserve development of $43.3
million.
- Operating income
of the insurance and reinsurance operations increased to $298.2
million from $225.6 million, principally reflecting higher
underwriting profit primarily due to increased business volumes and
lower COVID-19 losses, partially offset by higher catastrophe
losses primarily due to the U.S. winter storms.
- Float of the
insurance and reinsurance operations increased by 13.9% to
$23,244.2 million at March 31, 2021 from $20,413.6 million at
March 31, 2020.
- Operating loss
of the non-insurance companies of $84.9 million principally
reflected Fairfax India's performance fee accrual of $56.0 million
(which is offset in Corporate overhead and other income (expense))
and operating losses at the restaurants and retail segment of $13.9
million primarily related to lower business volumes resulting from
the continued effects of COVID-19. Excluding the impact of Fairfax
India’s intercompany performance fees to Fairfax, operating losses
of the non-insurance companies improved by approximately $53
million, principally in the restaurants and retail segment.
- Consolidated
interest and dividends of $167.9 million decreased from $217.9
million, primarily reflecting lower interest income earned
principally due to sales and maturities of U.S. treasury bonds and
a general decrease in sovereign bond yields, partially offset by
higher interest income earned on high quality U.S. corporate bonds
and first mortgage loans.
- Consolidated
share of profit of associates of $44.3 million principally
reflected share of profit of $76.3 million from Eurobank, partially
offset by share of loss of $31.0 million from Atlas Corp. that
primarily related to a non-cash impairment charge recorded by Atlas
Corp. (of which the company's share was $43.3 million).
- Interest expense
of $166.1 million was primarily comprised of $123.2 million
incurred on borrowings by the holding company and the insurance and
reinsurance companies, including a loss of $45.7 million on
redemptions of holding company unsecured senior notes due 2022 and
2023, $27.4 million incurred on borrowings by the non-insurance
companies (which are non-recourse to the holding company) and $15.5
million on accretion of lease liabilities.
- At
March 31, 2021 the company's insurance and reinsurance
companies held approximately $17.5 billion in cash and short dated
investments representing approximately 40.4% of portfolio
investments, comprised of $14.7 billion of subsidiary cash and
short-term investments and $2.8 billion of short-dated U.S.
treasuries.
- Net gains on investments of $842.0
million consisted of the following, excluding $66.7 million of net
gains resulting from transactions involving insurance subsidiaries,
principally the sale of Vault Insurance:
|
|
|
|
|
|
|
First quarter of 2021 |
|
($ millions) |
|
Realizedgains(losses) |
|
Unrealizedgains(losses) |
|
Net gains(losses) |
Net gains (losses) on: |
|
|
|
|
|
Long equity exposures |
165.9 |
|
|
862.6 |
|
|
1,028.5 |
|
Bonds |
146.4 |
|
|
(312.0 |
) |
|
(165.6 |
) |
Other |
(114.3 |
) |
|
93.4 |
|
|
(20.9 |
) |
|
198.0 |
|
|
644.0 |
|
|
842.0 |
|
Net gains on long equity exposures of $1,028.5
million was primarily comprised of unrealized appreciation of
common stocks and long equity total return swaps, including
unrealized gains with respect to swaps on 1,620,936 Fairfax
subordinate voting shares with an original notional amount of
$577.6 million (Cdn$740.3 million) or approximately $356.36
(Cdn$456.71) per share. Currently the company holds long equity
total return swaps on 1,964,155 Fairfax subordinate voting shares
with an original notional amount of $732.5 million (Cdn$935.0
million) or approximately $372.96 (Cdn$476.03) per share.
- During the first
quarter of 2021 the company used the proceeds of its offering of
$671.6 million (Cdn$850.0 million) principal amount of 3.95%
unsecured senior notes due 2031 to redeem its unsecured senior
notes due 2022 and 2023 with an aggregate principal amount of
$670.6 million (Cdn$846.0 million) and recorded a loss of $45.7
million on the redemptions.
- The company held
$1,355.2 million of cash and investments at the holding company
level ($1,296.6 million net of derivative obligations) at
March 31, 2021, compared to $1,252.2 million ($1,229.4 million
net of derivative obligations) at December 31, 2020.
- At
March 31, 2021 the excess of fair value over adjusted carrying
value of investments in non-insurance associates was $222.7
million, an improvement of $681.2 million from the deficiency of
$458.5 million at December 31, 2020. At March 31, 2021
the excess of fair value over adjusted carrying value of certain
consolidated non-insurance subsidiaries was $193.3 million, an
improvement of $397.4 million from the deficiency of $204.1 million
at December 31, 2020, reflecting in part the initial public
offerings of Farmers Edge and Boat Rocker. Details explaining these
excess of fair value numbers are contained in the MD&A on page
59 of the company's interim report for the three months ended March
31, 2021.
- The company's
total debt to total capital ratio, excluding non-insurance
companies, increased to 30.2% at March 31, 2021 from 29.7% at
December 31, 2020, primarily reflecting the offering of $600.0
million principal amount of 3.375% unsecured senior notes due 2031,
partially offset by increased total capital due principally to
increased common shareholders' equity and increased borrowings. The
company anticipates that at the close of its RiverStone Barbados
transaction, it will have paid off its credit facility completely,
reducing the total debt to total capital ratio, and the company is
committed to further reducing that ratio over time. Had the company
repaid its credit facility entirely at March 31, 2021 using holding
company cash and investments, the company's total debt to total
capital ratio, excluding non-insurance companies, would have been
28.6%.
- During the first
quarter of 2021 the company purchased 66,463 subordinate voting
shares for treasury and 137,923 for cancellation at an aggregate
cost of $84.8 million. From the fourth quarter of 2017 up to
March 31, 2021, the company has purchased 1,187,548
subordinate voting shares for treasury and 1,102,998 for
cancellation at an aggregate cost of $959.7 million.
- At March 31, 2021, common
shareholders' equity was $12,951.7 million or $497.23 per basic
share, compared to $12,521.1 million or $478.33 per basic share at
December 31, 2020. The increase in common shareholders' equity
per basic share was primarily due to the net earnings attributable
to shareholders of Fairfax in the first quarter of 2021, partially
offset by the payment of the annual common share dividend of $272.1
million.
There were 26.1 million and 26.8 million
weighted average common shares effectively outstanding during the
first quarters of 2021 and 2020 respectively. At March 31,
2021 there were 26,047,567 common shares effectively
outstanding.
Unaudited consolidated balance sheet, earnings
and comprehensive income information, together with segmented
premium and combined ratio information, follow and form part of
this news release.
In presenting the company’s results in this news
release, management has included operating income (loss), combined
ratio, float and book value per basic share measures. Operating
income (loss) is used in the company's segment reporting. The
combined ratio is calculated by the company as the sum of claims
losses, loss adjustment expenses, commissions, premium acquisition
costs and other underwriting expenses, expressed as a percentage of
net premiums earned. Float is calculated by the company as the sum
of insurance contract liabilities and insurance contract payables,
less the sum of insurance contract receivables, recoverable from
reinsurers and deferred premium acquisition costs. Book value per
basic share is calculated by the company as common shareholders'
equity divided by the number of common shares effectively
outstanding.
As previously announced, Fairfax will hold a
conference call to discuss its first quarter 2021 results at 8:30
a.m. Eastern time on Friday, April 30, 2021. The call,
consisting of a presentation by the company followed by a question
period, may be accessed at 1 (888) 390-0867 (Canada or U.S.) or 1
(212) 547-0141 (International) with the passcode “FAIRFAX”. A
replay of the call will be available from shortly after the
termination of the call until 5:00 p.m. Eastern time on
Friday, May 14, 2021. The replay may be accessed at 1 (866)
367-6912 (Canada or U.S.) or 1 (203) 369-0239 (International).
Fairfax Financial Holdings Limited is a holding
company which, through its subsidiaries, is engaged in property and
casualty insurance and reinsurance and the associated investment
management.
For further information,
contact: |
John VarnellVice President,
Corporate Development(416) 367-4941 |
Certain statements contained herein may
constitute forward-looking statements and are made pursuant to the
“safe harbour” provisions of the United States Private Securities
Litigation Reform Act of 1995 and any applicable Canadian
securities regulations. Such forward-looking statements are subject
to known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of
Fairfax to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: a reduction in net earnings if our loss reserves are
insufficient; underwriting losses on the risks we insure that are
higher or lower than expected; the occurrence of catastrophic
events with a frequency or severity exceeding our estimates;
changes in market variables, including interest rates, foreign
exchange rates, equity prices and credit spreads, which could
negatively affect our investment portfolio; risks associated with
the global pandemic caused by COVID-19, and the related global
reduction in commerce and substantial downturns in stock markets
worldwide; the cycles of the insurance market and general economic
conditions, which can substantially influence our and our
competitors' premium rates and capacity to write new business;
insufficient reserves for asbestos, environmental and other latent
claims; exposure to credit risk in the event our reinsurers fail to
make payments to us under our reinsurance arrangements; exposure to
credit risk in the event our insureds, insurance producers or
reinsurance intermediaries fail to remit premiums that are owed to
us or failure by our insureds to reimburse us for deductibles that
are paid by us on their behalf; our inability to maintain our long
term debt ratings, the inability of our subsidiaries to maintain
financial or claims paying ability ratings and the impact of a
downgrade of such ratings on derivative transactions that we or our
subsidiaries have entered into; risks associated with implementing
our business strategies; the timing of claims payments being sooner
or the receipt of reinsurance recoverables being later than
anticipated by us; risks associated with any use we may make of
derivative instruments; the failure of any hedging methods we may
employ to achieve their desired risk management objective; a
decrease in the level of demand for insurance or reinsurance
products, or increased competition in the insurance industry; the
impact of emerging claim and coverage issues or the failure of any
of the loss limitation methods we employ; our inability to access
cash of our subsidiaries; our inability to obtain required levels
of capital on favourable terms, if at all; the loss of key
employees; our inability to obtain reinsurance coverage in
sufficient amounts, at reasonable prices or on terms that
adequately protect us; the passage of legislation subjecting our
businesses to additional adverse requirements, supervision or
regulation, including additional tax regulation, in the United
States, Canada or other jurisdictions in which we operate; risks
associated with government investigations of, and litigation and
negative publicity related to, insurance industry practice or any
other conduct; risks associated with political and other
developments in foreign jurisdictions in which we operate; risks
associated with legal or regulatory proceedings or significant
litigation; failures or security breaches of our computer and data
processing systems; the influence exercisable by our significant
shareholder; adverse fluctuations in foreign currency exchange
rates; our dependence on independent brokers over whom we exercise
little control; impairment of the carrying value of our goodwill,
indefinite-lived intangible assets or investments in associates;
our failure to realize deferred income tax assets; technological or
other change which adversely impacts demand, or the premiums
payable, for the insurance coverages we offer; disruptions of our
information technology systems; assessments and shared market
mechanisms which may adversely affect our insurance subsidiaries;
and adverse consequences to our business, our investments and our
personnel resulting from or related to the COVID-19 pandemic.
Additional risks and uncertainties are described in our most
recently issued Annual Report which is available at www.fairfax.ca
and in our Base Shelf Prospectus (under “Risk Factors”) filed with
the securities regulatory authorities in Canada, which is available
on SEDAR at www.sedar.com. Fairfax disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities law.
CONSOLIDATED BALANCE SHEETSas at March 31,
2021 and December 31, 2020 (unaudited - US$ millions)
|
|
March 31,2021 |
|
December 31,2020 |
Assets |
|
|
|
|
|
|
Holding company cash and investments (including assets pledged for
derivative obligations – $133.3; December 31, 2020 –
$79.5) |
|
1,355.2 |
|
|
|
1,252.2 |
|
|
Insurance contract receivables |
|
6,353.3 |
|
|
|
5,816.1 |
|
|
|
|
|
|
|
|
|
Portfolio investments |
|
|
|
|
|
|
Subsidiary cash and short term investments (including restricted
cash and cash equivalents – $708.7; December 31, 2020 –
$751.9) |
|
14,700.4 |
|
|
|
13,197.8 |
|
|
Bonds (cost $14,545.8; December 31, 2020 – $14,916.1) |
|
15,114.9 |
|
|
|
15,734.6 |
|
|
Preferred stocks (cost $269.4; December 31, 2020 – $268.3) |
|
608.0 |
|
|
|
605.2 |
|
|
Common stocks (cost $4,666.4; December 31, 2020 – $4,635.5) |
|
4,964.9 |
|
|
|
4,599.1 |
|
|
Investments in associates (fair value $4,840.8; December 31, 2020 –
$4,154.3) |
|
4,368.6 |
|
|
|
4,381.8 |
|
|
Investment in associate held for sale (fair value $729.5; December
31, 2020 – $729.5) |
|
729.5 |
|
|
|
729.5 |
|
|
Derivatives and other invested assets (cost $833.5; December 31,
2020 – $944.4) |
|
864.7 |
|
|
|
812.4 |
|
|
Assets pledged for derivative obligations (cost $177.0; December
31, 2020 – $196.1) |
|
177.1 |
|
|
|
196.4 |
|
|
Fairfax India cash, portfolio investments and associates (fair
value $3,037.2; December 31, 2020 – $2,791.0) |
|
1,879.6 |
|
|
|
1,851.8 |
|
|
|
|
43,407.7 |
|
|
|
42,108.6 |
|
|
|
|
|
|
|
|
|
Deferred premium acquisition costs |
|
1,623.1 |
|
|
|
1,543.7 |
|
|
Recoverable from reinsurers (including recoverables on paid losses
– $906.2; December 31, 2020 – $686.8) |
|
11,061.9 |
|
|
|
10,533.2 |
|
|
Deferred income tax assets |
|
630.9 |
|
|
|
713.9 |
|
|
Goodwill and intangible assets |
|
6,229.9 |
|
|
|
6,229.1 |
|
|
Other assets |
|
5,742.6 |
|
|
|
5,857.2 |
|
|
Total assets |
|
76,404.6 |
|
|
|
74,054.0 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
4,807.1 |
|
|
|
4,996.1 |
|
|
Derivative obligations (including at the holding company – $58.6;
December 31, 2020 – $22.8) |
|
195.7 |
|
|
|
189.4 |
|
|
Deferred income tax liabilities |
|
343.1 |
|
|
|
356.4 |
|
|
Insurance contract payables |
|
3,371.8 |
|
|
|
2,964.0 |
|
|
Insurance contract liabilities |
|
40,379.7 |
|
|
|
39,206.8 |
|
|
Borrowings – holding company and insurance and reinsurance
companies |
|
7,017.5 |
|
|
|
6,614.0 |
|
|
Borrowings – non-insurance companies |
|
2,017.4 |
|
|
|
2,200.0 |
|
|
Total liabilities |
|
58,132.3 |
|
|
|
56,526.7 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Common shareholders’ equity |
|
12,951.7 |
|
|
|
12,521.1 |
|
|
Preferred stock |
|
1,335.5 |
|
|
|
1,335.5 |
|
|
Shareholders’ equity attributable to shareholders of Fairfax |
|
14,287.2 |
|
|
|
13,856.6 |
|
|
Non-controlling interests |
|
3,985.1 |
|
|
|
3,670.7 |
|
|
Total equity |
|
18,272.3 |
|
|
|
17,527.3 |
|
|
|
|
76,404.6 |
|
|
|
74,054.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per basic share |
|
$ |
497.23 |
|
|
|
$ |
478.33 |
|
|
CONSOLIDATED STATEMENTS OF EARNINGSfor the
three months ended March 31, 2021 and 2020(unaudited - US$
millions except per share amounts)
|
|
First quarter |
|
|
|
2021 |
|
|
2020 |
|
Income |
|
|
|
|
|
|
Gross premiums
written |
|
5,428.0 |
|
|
|
4,775.7 |
|
|
Net premiums
written |
|
4,145.9 |
|
|
|
3,846.4 |
|
|
|
|
|
|
|
|
|
Gross premiums
earned |
|
4,757.2 |
|
|
|
4,216.3 |
|
|
Premiums ceded to
reinsurers |
|
(1,026.8 |
) |
|
|
(828.5 |
) |
|
Net premiums
earned |
|
3,730.4 |
|
|
|
3,387.8 |
|
|
Interest and
dividends |
|
167.9 |
|
|
|
217.9 |
|
|
Share of profit (loss) of
associates |
|
44.3 |
|
|
|
(205.2 |
) |
|
Net gains (losses) on
investments |
|
842.0 |
|
|
|
(1,539.5 |
) |
|
Gain on deconsolidation of insurance
subsidiaries |
|
66.7 |
|
|
|
117.1 |
|
|
Other revenue |
|
1,146.9 |
|
|
|
1,181.0 |
|
|
|
|
5,998.2 |
|
|
|
3,159.1 |
|
|
Expenses |
|
|
|
|
|
|
Losses on claims,
gross |
|
3,031.1 |
|
|
|
2,783.8 |
|
|
Losses on claims, ceded to
reinsurers |
|
(654.9 |
) |
|
|
(605.8 |
) |
|
Losses on claims,
net |
|
2,376.2 |
|
|
|
2,178.0 |
|
|
Operating
expenses |
|
684.8 |
|
|
|
655.5 |
|
|
Commissions,
net |
|
619.5 |
|
|
|
558.0 |
|
|
Interest
expense |
|
166.1 |
|
|
|
115.7 |
|
|
Other expenses |
|
1,169.5 |
|
|
|
1,273.3 |
|
|
|
|
5,016.1 |
|
|
|
4,780.5 |
|
|
Earnings (loss) before income
taxes |
|
982.1 |
|
|
|
(1,621.4 |
) |
|
Provision for (recovery of) income
taxes |
|
159.5 |
|
|
|
(232.3 |
) |
|
Net earnings
(loss) |
|
822.6 |
|
|
|
(1,389.1 |
) |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Shareholders of
Fairfax |
|
806.0 |
|
|
|
(1,259.3 |
) |
|
Non-controlling
interests |
|
16.6 |
|
|
|
(129.8 |
) |
|
|
|
822.6 |
|
|
|
(1,389.1 |
) |
|
|
|
|
|
|
|
|
Net earnings (loss) per
share |
|
$ |
30.44 |
|
|
|
$ |
(47.38 |
) |
|
Net earnings (loss) per diluted
share |
|
$ |
28.91 |
|
|
|
$ |
(47.38 |
) |
|
Cash dividends paid per
share |
|
$ |
10.00 |
|
|
|
$ |
10.00 |
|
|
Shares outstanding (000) (weighted
average) |
|
26,116 |
|
|
|
26,803 |
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for the three months ended March 31, 2021 and 2020(unaudited -
US$ millions)
|
|
First quarter |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
Net earnings
(loss) |
|
822.6 |
|
|
|
(1,389.1 |
) |
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified to net earnings
(loss) |
|
|
|
|
|
|
Net unrealized foreign currency translation losses on foreign
operations |
|
(1.0 |
) |
|
|
(584.2 |
) |
|
Gains (losses) on hedge of net investment in Canadian
subsidiaries |
|
(27.8 |
) |
|
|
191.4 |
|
|
Gains on hedge of net investment in European
operations |
|
35.7 |
|
|
|
17.5 |
|
|
Share of other comprehensive loss of associates, excluding net
gains on defined benefit
plans |
|
(63.8 |
) |
|
|
(69.9 |
) |
|
|
|
(56.9 |
) |
|
|
(445.2 |
) |
|
Net unrealized foreign currency translation (gains) losses
reclassified to net earnings
(loss) |
|
(0.3 |
) |
|
|
161.9 |
|
|
|
|
(57.2 |
) |
|
|
(283.3 |
) |
|
Items that will not be reclassified to net earnings
(loss) |
|
|
|
|
|
|
Share of net gains on defined benefit plans of
associates |
|
2.0 |
|
|
|
9.3 |
|
|
Other |
|
13.8 |
|
|
|
— |
|
|
|
|
15.8 |
|
|
|
9.3 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of income
taxes |
|
(41.4 |
) |
|
|
(274.0 |
) |
|
Comprehensive income
(loss) |
|
781.2 |
|
|
|
(1,663.1 |
) |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Shareholders of
Fairfax |
|
773.8 |
|
|
|
(1,395.3 |
) |
|
Non-controlling
interests |
|
7.4 |
|
|
|
(267.8 |
) |
|
|
|
781.2 |
|
|
|
(1,663.1 |
) |
|
SEGMENTED INFORMATION (unaudited - US$
millions)
Gross premiums written, net premiums written and combined ratios
for the insurance and reinsurance operations (excluding Run-off) in
the first quarters ended March 31, 2021 and 2020 were as
follows:
Gross Premiums Written
|
|
First quarter |
|
% changeyear-over-ear |
|
|
2021 |
|
2020 |
|
Northbridge |
|
409.7 |
|
|
|
344.1 |
|
|
19.1 |
% |
Odyssey Group |
|
1,157.2 |
|
|
|
930.9 |
|
|
24.3 |
% |
Crum & Forster |
|
800.9 |
|
|
|
768.8 |
|
|
4.2 |
% |
Zenith National |
|
271.7 |
|
|
|
257.9 |
|
|
5.4 |
% |
Brit |
|
678.6 |
|
|
|
614.4 |
|
|
10.4 |
% |
Allied World |
|
1,408.2 |
|
|
|
1,103.8 |
|
|
27.6 |
% |
Fairfax Asia |
|
128.2 |
|
|
|
122.4 |
|
|
4.7 |
% |
Insurance and Reinsurance - Other |
|
573.5 |
|
|
|
486.9 |
|
|
17.8 |
% |
Insurance and reinsurance
operations |
|
5,428.0 |
|
|
|
4,629.2 |
|
|
17.3 |
% |
Net Premiums Written
|
|
First quarter |
|
% changeyear-over-year |
|
|
2021 |
|
2020 |
|
Northbridge |
|
374.4 |
|
|
|
309.0 |
|
|
21.2 |
|
% |
Odyssey Group |
|
1,031.9 |
|
|
|
864.3 |
|
|
19.4 |
|
% |
Crum & Forster |
|
666.0 |
|
|
|
650.5 |
|
|
2.4 |
|
% |
Zenith National |
|
265.3 |
|
|
|
254.2 |
|
|
4.4 |
|
% |
Brit(1) |
|
385.5 |
|
|
|
447.8 |
|
|
(13.9 |
) |
% |
Allied World |
|
1,027.2 |
|
|
|
801.4 |
|
|
28.2 |
|
% |
Fairfax Asia |
|
60.6 |
|
|
|
60.7 |
|
|
(0.2 |
) |
% |
Insurance and Reinsurance – Other |
|
335.0 |
|
|
|
312.0 |
|
|
7.4 |
|
% |
Insurance and reinsurance
operations |
|
4,145.9 |
|
|
|
3,699.9 |
|
|
12.1 |
|
% |
(1) A year-over-year increase of 6.9% excluding the effects of a
multi-year reinsurance protection purchase.
Combined Ratios
|
|
First quarter |
|
|
2021 |
|
2020 |
Northbridge |
|
87.0 |
% |
|
|
96.5 |
% |
Odyssey Group |
|
98.8 |
% |
|
|
98.5 |
% |
Crum &
Forster |
|
99.3 |
% |
|
|
97.4 |
% |
Zenith
National |
|
88.1 |
% |
|
|
87.9 |
% |
Brit |
|
98.4 |
% |
|
|
99.2 |
% |
Allied World |
|
94.2 |
% |
|
|
94.3 |
% |
Fairfax Asia |
|
94.0 |
% |
|
|
102.7 |
% |
Insurance and Reinsurance -
Other |
|
97.9 |
% |
|
|
97.4 |
% |
Insurance and reinsurance
operations |
|
96.0 |
% |
|
|
96.8 |
% |
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