CapitalAlloc

Thx for looking into it. Interesting

If I would play advocate of the devil here: wouldn't there be a potential governance risk in that whenever a business is showing adverse developments, it would just become classified as runoff and therefore Fairfax can continue to claim its decade-long track record?

I'm new to Fairfax but I'm hearing a lot of people say that they are very conservative on reserving. Yet when I look at the gross claims, I see consistent adverse developments. You don't see that at Markel. So what am I missing here?