Fairfax Strong on Underwriting, Weak on Investing in Q3
Fairfax reported mixed third-quarter results. Underwriting results remained strong, but the company took a sizable loss on its investment portfolio, resulting in a negligible amount of net income for the quarter. Overall, we see the quarter as further evidence that the company's investment positioning will either result in another bonanza or perpetuate recent underperformance, depending on whether Watsa's deflationary investment theses play out. We will maintain our CAD 592 fair value estimate a...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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