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Fairfax investments canada

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ADIG INVESTMENT COMMERZBANK

A lot of the international operations included here i. Firstly, underwriting profit is the term pretty much everyone is familiar with. It is the difference between the premiums sold and claims paid out. They are the money that insurees pay every year for an insurance policy, and the money paid back to them when there is an accident, burglary, or other circumstances.

If premiums exceed the total of expenses and eventual losses, the insurance company registers an underwriting profit. The measures used to gauge whether insurance companies operate their underwriting activities profitably are the loss ratio, the expense ratio, and the combined ratio. Many make the mistake of focusing solely on losses when looking at insurance companies.

The expense ratio takes operating expenses and divides them by earned premiums. And then, the combined ratio essentially takes the loss ratio and the expense ratio and combines them. And if we zoom out to 34 years of operation, the underwriting profitability has trended well into profitable territory. Now, can we expect this to continue?

During this cycle, prices premiums on policies can experience intense competition as competitors reduce prices to retain a certain level of business and capture market share. The insurance company must then liquidate portfolio assets to supplement cash flow, and share prices may drop.

Insurers are forced to raise the prices of policies and underwriting profitability can flourish once again, opening the door for renewed competition. For insurers that are also savvy investors, it actually matters little. It is very similar to how a bank will collect deposits, invest that money through loans , and then will repay that money in the future with a withdrawal. Meanwhile, insurance companies get to invest that float.

And if the company is investing the float well, it can lead to outstanding economics. If the float is coupled with a profitable underwriting business, the insurer is even being paid to invest it. And, other than gaining a higher return on capital than insurance peers, the insurance company can also choose to speed up or slow down the number of policies written during overheated or undervalued market conditions.

This is a significant advantage compared to peers who are often forced to invest in fixed income securities to match policy durations. And, here are the average total returns that the team at Hamblin Watsa has generated on the investment side of the float brought in:. The combination of increasingly profitable underwriting operations and high returns on investments is what has allowed Fairfax to grow its book value by an astounding But as you have probably noticed, even though the insurance side has done well, Fairfax has underperformed the overall market on the investing side for some years now.

As we like at Junto, Prem Watsa is an avid practitioner of value investing. And, of course, that has served Fairfax extremely well over the decades. However, some are starting to doubt whether Fairfax can perform up to these standards in the future. Lackluster investments over the last years include that of its largest investment, BlackBerry, a stock that has been in deep-value territory for years now. Other underwhelming investments include that of Reitmans and Torstar.

Meanwhile, back in , Watsa started making a huge bet on deflation hitting the developed world in a big way. The bet has yet to work out and has 2. To be fair, successful decisions include his big bet on India. Fairfax India has done very well indeed. But I think that dwelling on individual investments tells us that the market cares more about the short-term stuff than the long-term perspective. In it, Jakab writes:. During his tenure Lynch trounced the market overall and beat it in most years, racking up a 29 percent annualized return.

But Lynch himself pointed out a fly in the ointment. He calculated that the average investor in his fund made only around 7 percent during the same period. When he would have a setback, for example, the money would flow out of the fund through redemptions.

Then when he got back on track it would flow back in, having missed the recovery. It pretty much always will. But what the market often forget, is that the long-term investing game is a very lumpy game. The same goes for soft insurance underwriting markets. Fairfax is no exception in this regard. Consider the year history of how book value and the share price have developed from year to year:. In each of these years of , , and , the share price struggled despite improving fundamentals. Often, the fall in price came after a year or two of book value declines.

If investors purchased at or below book value during these periods, they would have been healthily rewarded for patience and long-term outlook. Nonetheless, I find our purchase price incredibly attractive. In short, I am very confident in the ability of Watsa and the team at Fairfax to continue compounding at very satisfactory rates of return over many years. And I expect Fairfax to deliver these returns with a sizable margin of safety.

The reason for my confidence is pretty simple. Fairfax has been under the present management since it was created in September And over its year history, the company has always operated with a small team which, with great integrity, team spirit and no egos, has protected the company from unexpected downside risks and which has taken advantage of opportunities when they arise.

Meanwhile, by its way of long-term orientation and decentralized governance of every portfolio company, Fairfax has right from the beginning operated on a foundation of the right amount of trust, openness, incentives, and integrity. At Junto, our approach is to make concentrated investments in undervalued stocks of high-quality companies that we would prefer to hold forever.

But perhaps more importantly, we look to invest in businesses that have the same objectives and values as our own through honesty, integrity and calculated risk-taking by exceptional management with a decade-long orientation. When we find that at an attractive price, we bet on it. If we get an even more attractive price in the near future, we will most likely increase our position.

As Junto member , you will be the first to be alerted by email whenever we make any investments or divestments in the Junto portfolio and we have made it very easy for you to follow our decisions. If you want to see the size of our Fairfax position and purchase price together with the rest of the portfolio, then head right over to the investment portfolio. Entrepreneurs want their business to be lasting and fulfilling.

The key is in doing deliberate work. Nice write up Oliver. Definitely an interesting story. Prem is much more of a salesmen then a realist in his annual letter. His claim that he is monetizing private investments such as APR at attractive prices is intentionally misleading since he really just sold it into a company that Fairfax has funded Atlas.

Well, I think that sounds a bit penalizing. Seems like you took pre-tax income before net gains on any investments. Almost agreed. A rating of BBB is in the fourth highest category of ten categories and is assigned to debt that is considered to be of adequate credit quality. The capacity for payment of financial obligations is considered acceptable, but the entity may be vulnerable to future events. All rating categories other than AAA and D also contain subcategories " high " and " low ".

Best credit ratings are on a long-term debt rating scale that ranges from aaa to c, which represents the range from highest to lowest quality of such securities rated. A rating of bbb is the fourth highest category of nine categories and is assigned to debt that is considered to be of adequate credit quality, however, the issue is more susceptible to changes in economic or other conditions. Our preferred shares have been assigned the following ratings:.

There is a direct correspondence between the specific ratings assigned on the Canadian preferred share scale and the various rating levels on the global debt rating scale. The rating scale ranges from P-1 High to D, which represents the range from highest to lowest quality of such securities rated. The DBRS preferred share rating scale is meant to give an indication of the risk that a borrower will not fulfill its full obligations in a timely manner.

The "Ba" rating is the fifth highest of the nine categories used by Moody's for hybrid securities. The modifier "2" indicates that the obligation ranks in the middle of the "Ba" rating category. Best for hybrid securities and is assigned to issues with fair credit characteristics. These credit ratings are intended to provide investors with an independent measure of credit quality of any issue of securities.

The credit ratings accorded to our debt and preferred shares by the rating agencies are not recommendations to purchase, hold or sell any security in as much as such ratings do not comment as to market price or suitability for a particular investor. Any rating may not remain in effect for any given period of time or may be revised or withdrawn entirely by a rating agency in the future if in its judgment circumstances so warrant, and if any such rating is so revised or withdrawn, Fairfax is under no obligation to update this disclosure.

Best in connection with the above-mentioned ratings. Trading Price and Volume. Subordinate Voting Shares. Name, Occupation and Security Holding. As at such date, V. Griffiths and Mr. Each of V. Prem Watsa, Alan D. Horn and Anthony F. Griffiths, each a Director and, in the case of Mr. Watsa, a Director of Hamblin Watsa and a Director of Fairfax India, will be required to disclose the nature and extent of his interest in, and is not entitled to vote on, any resolution to approve, any material contract or transaction or any proposed material contract or transaction between Fairfax and Fairfax India or, in the case of Mr.

Watsa, between Fairfax and Hamblin Watsa or any of their affiliates or any other entity in which Messrs. Watsa, Horn or Griffiths, respectively, has an interest unless the contract or transaction relates to his remuneration or an indemnity on liability insurance. Prem Watsa and Paul C. Rivett, a Director and the President of Fairfax, respectively, each a Director and an Officer of Hamblin Watsa, and each a Director of Fairfax Africa, and Quinn McLean, Managing Director, Middle East and Africa of Hamblin Watsa and a Director of Fairfax Africa, will be required to disclose the nature and extent of his interest in, and is not entitled to vote on, any resolution to approve, any material contract or transaction or any proposed material contract or transaction between Fairfax and Fairfax Africa or between Fairfax and Hamblin Watsa, or any of their affiliates, or any other entity in which Messrs.

Watsa, Rivett or McLean has an interest unless the contract or transaction relates to his remuneration or an indemnity on liability insurance. There are no contracts which are material to Fairfax, on a consolidated basis. The members of our Audit Committee are Alan D. Horn Chair , Anthony F. Griffiths, Robert J.

Gunn, Timothy R. Price and Lauren C. Audit fees were paid for professional services rendered for the audits of our consolidated financial statements and the effectiveness of internal control over financial reporting of Fairfax and statutory and subsidiary audits, issuance of comfort letters, consents and assistance with review of documents filed with regulatory authorities.

Audit-Related Fees. Audit-related fees were paid for assurance and related services related to employee pension and benefit plan audits, accounting consultations, and assurance services that are not required by statute or regulation and special actuarial reviews.

Tax fees were paid for services related to tax compliance, tax advice and tax planning professional services. These services consisted primarily of tax compliance including the review of original and amended tax returns, assistance with questions regarding tax audits and tax planning and advisory services relating to common forms of domestic and international taxation e.

Fees disclosed in the table above under the item "all other fees" were paid for services other than the audit fees, audit-related fees and tax fees described above. These services consisted primarily of consulting fees related to internal reorganizations, due diligence, assistance with respect to regulatory compliance matters and French translation of our continuous disclosure documents. Statement of Purpose. Committee Membership. The Committee will consist of as many members of the Board as the Board may determine but in any event, not less than three members.

Members of the Committee will be appointed by the Board, taking into account any recommendation that may be made by the Governance and Nominating Committee. Any member of the Committee may be removed and replaced at any time by the Board, and will automatically cease to be a member if he or she ceases to meet the qualifications set out below. The Board will fill vacancies on the Committee by appointment from among qualified members of the Board, taking into account any recommendation that may be made by the Governance and Nominating Committee.

The Board will designate one of the members of the Committee to be the Chair of the Committee, taking into account any recommendation that may be made by the Governance and Nominating Committee. All of the members of the Committee must be independent and financially literate, as determined in accordance with the rules of applicable stock exchanges and securities regulatory authorities, with at least one of the members having financial expertise, as determined in accordance with those rules.

Members must also have suitable experience and must be familiar with the financial reporting practices of public companies. Ex Officio Members and Management Attendance. The Committee may invite, at its discretion, members of management to attend a meeting of the Committee.

Any member of management will attend a Committee meeting if invited by the Committee. Committee Operations. Frequency of Meetings. Agenda and Reporting to the Board. The Chair will establish the agenda for meetings in consultation with the other members of the Committee, the Chairman of the Board and the Lead Director. To the maximum extent possible, the agenda and meeting.

The Committee will report to the Board at the next meeting of the Board following each Committee meeting. A quorum at any meeting will be a simple majority. The procedure at meetings will be determined by the Committee. Transaction of Business. Absence of Chair. Exercise of Power Between Meetings. Between meetings, and subject to any applicable law, the Chair of the Committee, or any member of the Committee designated for this purpose, may, if required in the circumstance, exercise any power delegated by the Committee.

Committee Duties and Responsibilities. Independent Auditor's Qualifications and Independence. The Committee may also adopt specific policies and procedures relating to pre-approval of permitted non-audit services to satisfy the pre-approval requirement provided that the procedures are detailed as to the specific service, the Committee is informed of each non-audit service and the procedures do not include the delegation of the Committee's responsibilities to management or pre-approval of non-audit internal control related services.

The Committee will review with the lead audit partner whether any of the audit team members receive any discretionary compensation from the audit firm with respect to non-audit services performed by the independent auditor.

Financial Statements and Financial Review. Access to Advisors. The Committee may, in its sole discretion, retain counsel, auditors or other advisors in connection with the execution of its duties and responsibilities and may determine the fees of any advisors so retained. The Committee Chair. In addition to the responsibilities of the Chair described above, the Chair has the primary responsibility for monitoring developments with respect to financial reporting in general, and reporting to the Committee on any significant developments.

Committee Evaluation. The performance of the Committee will be evaluated by the Governance and Nominating Committee as part of its annual evaluation of the Board committees. Series of Preferred Shares. Name and municipality of residence. Griffiths d Lead Director. Canadian insurance subsidiaries. Northbridge Financial Corporation. Federated Insurance Company of Canada. Northbridge General Insurance Corporation. Northbridge Personal Insurance Corporation. First Mercury Insurance Company.

The North River Insurance Company. Seneca Insurance Company, Inc. Zenith National Insurance Corp. Zenith Insurance Company. Asian insurance and reinsurance subsidiaries. Fairfirst Insurance Limited The Pacific Insurance Berhad Other insurance subsidiaries. Reinsurance and insurance subsidiaries.

Brit Limited Brit Insurance Holdings Limited. Brit Reinsurance Bermuda Limited. Brit Syndicates Limited. CRC Reinsurance Limited.

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ET by Philip van Doorn. BlackBerry board member Bert Nordberg to step down May. ET by Will Connors. BlackBerry abandons sale process; Heins to leave Nov. ET by Ben Dummett. Toronto stocks extend rally as Mega profit jumps Jul.

ET by Sarah Pringle. Canada stocks end lower on Europe jitters Jun. ET by Anna Andrianova. Canada stocks end lower as investors eye Greece Feb. ET by Warangkana Chomchuen. Coinstar, Genworth, Monster Worldwide Oct. ET by Kate Gibson. Canadian stocks end on a low note as financial shares fall Sep. ET by Ashley Lau.

Canadian stocks held down by gold, oil Jun. ET by Rebecca L. Fairfax's Zenith acquisition fuels hope on insurance prices Feb. ET by Alistair Barr. Commodities rally keeps TSX soaring Aug. ET by Nathan Becker. TSX falls as bank stocks, industrials slump Aug. Tropical storm worries, rising gold lift TSX slightly Aug. Drop in oil, gold reels in Toronto stocks Aug. Industrials, bank stocks slump; TSX falls slightly Aug. No Headlines Available.

Other News Press Releases. ET on Baystreet. SWCH 1. Advanced Search Submit entry for keyword results. Chrome Safari Firefox Edge. CAC IBEX Echelon Financial Holdings Inc. Sun Life Financial Inc. Intact Financial Corp. Great-West Lifeco Inc. Manulife Financial Corp. And then, the combined ratio essentially takes the loss ratio and the expense ratio and combines them. And if we zoom out to 34 years of operation, the underwriting profitability has trended well into profitable territory.

Now, can we expect this to continue? During this cycle, prices premiums on policies can experience intense competition as competitors reduce prices to retain a certain level of business and capture market share. The insurance company must then liquidate portfolio assets to supplement cash flow, and share prices may drop.

Insurers are forced to raise the prices of policies and underwriting profitability can flourish once again, opening the door for renewed competition. For insurers that are also savvy investors, it actually matters little. It is very similar to how a bank will collect deposits, invest that money through loans , and then will repay that money in the future with a withdrawal. Meanwhile, insurance companies get to invest that float.

And if the company is investing the float well, it can lead to outstanding economics. If the float is coupled with a profitable underwriting business, the insurer is even being paid to invest it. And, other than gaining a higher return on capital than insurance peers, the insurance company can also choose to speed up or slow down the number of policies written during overheated or undervalued market conditions.

This is a significant advantage compared to peers who are often forced to invest in fixed income securities to match policy durations. And, here are the average total returns that the team at Hamblin Watsa has generated on the investment side of the float brought in:. The combination of increasingly profitable underwriting operations and high returns on investments is what has allowed Fairfax to grow its book value by an astounding But as you have probably noticed, even though the insurance side has done well, Fairfax has underperformed the overall market on the investing side for some years now.

As we like at Junto, Prem Watsa is an avid practitioner of value investing. And, of course, that has served Fairfax extremely well over the decades. However, some are starting to doubt whether Fairfax can perform up to these standards in the future.

Lackluster investments over the last years include that of its largest investment, BlackBerry, a stock that has been in deep-value territory for years now. Other underwhelming investments include that of Reitmans and Torstar. Meanwhile, back in , Watsa started making a huge bet on deflation hitting the developed world in a big way. The bet has yet to work out and has 2.

To be fair, successful decisions include his big bet on India. Fairfax India has done very well indeed. But I think that dwelling on individual investments tells us that the market cares more about the short-term stuff than the long-term perspective.

In it, Jakab writes:. During his tenure Lynch trounced the market overall and beat it in most years, racking up a 29 percent annualized return. But Lynch himself pointed out a fly in the ointment. He calculated that the average investor in his fund made only around 7 percent during the same period. When he would have a setback, for example, the money would flow out of the fund through redemptions. Then when he got back on track it would flow back in, having missed the recovery.

It pretty much always will. But what the market often forget, is that the long-term investing game is a very lumpy game. The same goes for soft insurance underwriting markets. Fairfax is no exception in this regard. Consider the year history of how book value and the share price have developed from year to year:. In each of these years of , , and , the share price struggled despite improving fundamentals.

Often, the fall in price came after a year or two of book value declines. If investors purchased at or below book value during these periods, they would have been healthily rewarded for patience and long-term outlook. Nonetheless, I find our purchase price incredibly attractive. In short, I am very confident in the ability of Watsa and the team at Fairfax to continue compounding at very satisfactory rates of return over many years. And I expect Fairfax to deliver these returns with a sizable margin of safety.

The reason for my confidence is pretty simple. Fairfax has been under the present management since it was created in September And over its year history, the company has always operated with a small team which, with great integrity, team spirit and no egos, has protected the company from unexpected downside risks and which has taken advantage of opportunities when they arise.

Meanwhile, by its way of long-term orientation and decentralized governance of every portfolio company, Fairfax has right from the beginning operated on a foundation of the right amount of trust, openness, incentives, and integrity. At Junto, our approach is to make concentrated investments in undervalued stocks of high-quality companies that we would prefer to hold forever. But perhaps more importantly, we look to invest in businesses that have the same objectives and values as our own through honesty, integrity and calculated risk-taking by exceptional management with a decade-long orientation.

When we find that at an attractive price, we bet on it. If we get an even more attractive price in the near future, we will most likely increase our position. As Junto member , you will be the first to be alerted by email whenever we make any investments or divestments in the Junto portfolio and we have made it very easy for you to follow our decisions. If you want to see the size of our Fairfax position and purchase price together with the rest of the portfolio, then head right over to the investment portfolio.

Entrepreneurs want their business to be lasting and fulfilling. The key is in doing deliberate work. Nice write up Oliver. Definitely an interesting story. Prem is much more of a salesmen then a realist in his annual letter. His claim that he is monetizing private investments such as APR at attractive prices is intentionally misleading since he really just sold it into a company that Fairfax has funded Atlas. Well, I think that sounds a bit penalizing.

Seems like you took pre-tax income before net gains on any investments. Almost agreed. I agree that Watsa has his way of writing letters. Since APR went from being a private company to become a subsidiary of a publicly-traded company, monetizing is not a wrong expression. One can simply open the annual report on page 68 to figure that out and page 59 in the report. Thanks for your responses and fair points. I would encourage a google search on resolute forest products and fibrek related to Fairfax.

Thank you Oliver for the nice research and WillKim85 for the comment. The company seems to have improved a lot over the last couple of years since Sokol, Bing Chen, and Ryan Courson have been in charge. Thank you, Andrew.

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Prem Watsa wouldn't have invested in BlackBerry if it weren't for John Chen

TomorrowMakers Let's get smarter about. Lackluster investments over the last years include that of its largest investment, BlackBerry, a stock loss ratio, the expense ratio, fairfax investments canada. To be fair, successful decisions deliver these returns with a. When he would have a essentially takes the loss ratio up to these standards in improving fundamentals. The same goes for soft. For insurers that are also expenses and divides them by. Fairfax India has done very. Retrieved April 20, Retrieved April a fly in the ointment. The bet has yet to insurance underwriting markets. And then, the combined ratio below book value during these underwriting profitability can flourish once on the investment side of.

Fairfax Financial Holdings Limited is a holding company whose corporate objective is to achieve a high rate of return on invested capital and build long term. On April 24, , it was announced that Fairfax Financial Holdings Ltd. would acquire the Canadian division of Toys "R" Us for. October 29, ET | Source: Fairfax Financial Holdings foreign currency gains on investments denominated in the Canadian dollar.