Hurricanes and legacy push Fairfax into $498m net loss
Canadian (re)insurance group Fairfax Financial Holdings has revealed a net loss of $497.9m for the 2005 year, after absorbing losses from Hurricanes Katrina, Rita and Wilma $715.5m, and after recording $465.5m in pre-tax charges resulting from actions taken in runoff during the 2005 year.
The combined ratios of Fairfax's reinsurance subsidiary Odyssey Re was 117.2% for 2005, set against a ratio of 98.1% a year earlier.
Putting a brave face on the losses, the owner of the Northbridge
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