Tommm50

Plus it gives a useful tool to short sellers (Morningstar fans?, hedge fund vultures?) If they can create downward momentum the TRS can put EPS in a downward spiral.

As we talk about the gradual (or rapid) increase of share price, does Fairfax consider stock splits to allow small investors to buy shares or do they go the way of Berkshire and let the price rise to the stratosphere?

Apologies, trouble with the submit button...

I understand it's banned but like the U.S. a ban is only as good as the enforcement of the ban. I understand the Canadian Exchange has a pretty poor record in that area.

Are we dealing with the old naked shorting gambit again?

Also note Fairfax has significant non-US insurance operations which do not dance to the same music as the (albeit substantial) US market.

Not necessarily, the cat exposure is from property insurance and reinsurance, if the growth overall is predominately non-property business the cat exposure may not grow nearly as much as the risk tolerance.

The AMBest announces the FSR for Allied is upgraded to A+, it doesn't mention Fairfax's FSR. Am I to assume it's also A+?

Love to see the narrative that accompanies it.

Hub was once partially owned by Fairfax. Their investment in Hub about 25 years ago gave them the capital to grow.

Agreed, since we don't know where they'll invest but will assume they'll place it an investment to earn more than boring old bonds wouldn't a short term bond return be a good placeholder? Sorry for the run on sentence.

The reserve triangles show current reserves for each calendar year are less than the original reserves put up that year except 2018. JFan may be referring to the penultimate (I don't often get to use that word) line which shows negative development for several years. This is the current calendar year's change for those prior year's reserves. These years are relatively young and I kinda expect younger years to show increased reserves as they mature. To me the more important comparisons are the what are current reserves for that year vs the initial reserves. By this metric only 2018 shows a modest deterioration. If several years start to show current reserves are more than the initial reserves then that bears watching. Loss reserving has always been the Achilles Heel of P&C insurance companies. You've got to estimate your products cost when you won't know the actual cost for 5 or more years down the road. If you find out you're wrong at the end of that time you not only lose money for that year but possibly for all the intervening years you've made the same mistake. An average insurance company may get some years right and some years wrong but as long as it averages out they continue merrily on their way as they also collect investment income on those reserves. A company that is conservative in their reserving will get all or almost all years where their initial reserves are more than their ultimate payouts. Like Fairfax.

Looks to me like they"re flat or down each year. They have favorable development every year but one, by $200k.

I wonder if they're back at it. A week straight of declines on no news... That's pretty unusual. If so, it seems like they could pick a much easier target, or maybe sheer vindictiveness over Fairfax shining a light on the nest of vipers back in the day?