Leaderboard

Nice quarter from Fairfax. EPS $42.7 BV $1080.4 up ~3.5% adjusted for the dividend paid in Q1. Add in the $1.44B in gains they have not accounted for and you get another $67 per share or so of BV. So call it an adjusted BV of $1147. CR for the Q1 came in at 98.5% despite Cat losses of $781M($692M of those from the Cali wildfires). Prior year reserve releases were particularly strong at over $200M. So even with the major Cat event they made about a $97M of underwriting profit. Gross premiums grew 5% and Net 8.4%. Thats despite Gulf shrinking some by letting go of some marginal business on the health insurance side. Investment gains from equities of $779.5M and Bond gains of $388M. $2.1B cash at holding company level and $1.7B more available in associates and non insurance subsidiaries(great liquidity). Don't they also have a $2B LOC they extended recently? The non insurance consolidated earnings is the one that's a tad weak, and where I have to wonder if the LT returns on capital are worth the hassle for them. But I guess it's a source of diversification of income streams and they can trade them for capital when opportunities arise. Insurance interest and dividends was $516M up from $500M, so going along at an annual run rate of over $2B now. I also saw the share count down by about 87k to 21.59M. Whats not to like!