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Fairfax (TSX:FFH) reports unaudited financial results for Q1 2021
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  • Fairfax Financial Holdings (FFH) has announced unaudited financial results for Q1 2021
  • The company expects gross premiums written to increase from Q1 2020 by 17 per cent to US$5.5 billion
  • Net gains on investments sit at US$875 million for the quarter
  • As of March 31, 2021, the excess of fair value over adjusted carrying value of non-insurance investments in associates was US$225 million
  • As of March 31, 2021, the excess of fair value over adjusted carrying value of certain consolidated non-insurance subsidiaries was US$125 million
  • Fairfax is a holding company engaged in property and casualty insurance and reinsurance and the associated investment management
  • Fairfax Financial Holdings (FFH) is up 1.19 per cent and is currently trading at $574.44 per share

Fairfax Financial Holdings (FFH) has announced unaudited financial results for Q1 2021.

Key financial information for the quarter, based on preliminary indications and current estimates, includes the following:

  • Fairfax expects gross premiums written to increase from Q1 2020 by 17 per cent to US$5.5 billion. The company’s insurance and reinsurance operations gave a strong underwriting performance for the quarter with a consolidated combined ratio of 96 per cent
  • Net gains on investments of US$875 million reflect net unrealized gains on equity and equity-related holdings, partially offset by net unrealized losses on bonds
  • As of March 31, 2021, the excess of fair value over adjusted carrying value of non-insurance investments in associates was US$225 million, an improvement of US$684 million from the deficiency of US$458.5 million as of December 31, 2020
  • As of March 31, 2021, the excess of fair value over adjusted carrying value of certain consolidated non-insurance subsidiaries was US$125 million, an improvement of US$329 million from the deficiency of US$204.1 million as of December 31, 2020

Prem Watsa, Fairfax's Chairman and CEO, commented,

"As we did a year ago, we are providing our shareholders with preliminary indications of some key developments for Fairfax’s first quarter of 2021 financial results.

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 US$1.3 billion."

Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.

Fairfax Financial Holdings (FFH) is up 1.19 per cent and is currently trading at $574.44 per share as of 11:08 am ET.

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