Fairfax Financial Holdings Limited: Solid Q4 2020 Results Driven by Investment Gains and Resilient Underwriting Performance
Fairfax Financial Holdings Limited (Fairfax or the Company) reported Q4 2020 net income of $958 million, a 90% increase compared with Q4 2019. The increase in earnings primarily reflects higher investment gains and strong underwriting performance. Compared with Q4 2019, the Company reported improved operating income from its insurance and reinsurance operations for Q4 2020.
Fairfax Financial Holdings is a financial services holding company. Through its subsidiaries, Co. is engaged in property and casualty insurance and reinsurance and investment management. Co.'s insurance and reinsurance companies operate on a decentralized basis, with autonomous management teams applying a focused underwriting strategy to their markets. Co.'s investments are centrally managed for all the Co.'s group of companies by Hamblin Watsa Investment Counsel Ltd. Co. operates four main operating segments: Insurance, Reinsurance, Reinsurance and Insurance - Other, and Runoff.
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