Canadian property and casualty re/insurer, Fairfax Financial Holdings has reported a combined ratio for Q1, showing a result of 96.0%, compared to 96.8% for the year prior, producing an increased underwriting profit.
The re/insurer reported an underwriting profit of $149.0 million despite higher catastrophe losses of $210.8 million, compared to $103.1 million for the same period last year.
Gross premiums written 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 in 2020.
Prem Watsa, Chairman and Chief Executive Officer commented: “Our investments increased significantly with net gains on investments of $908.7 million primarily reflecting net unrealised 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.”