Investment Gains Boost Fairfax in 1Q
Fairfax’s first-quarter results were solid. Reported numbers were materially aided by a non-cash gain related to change in accounting, but the underlying numbers suggest Fairfax is performing well. Book value per share (adjusted for dividends) increased 4.9% in the quarter. We will maintain our CAD 664 fair value estimate and no-moat rating.Net written premiums were up 43% year over year, largely due to the inclusion of the Allied World acquisition. Excluding Allied World, though, net written p...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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