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Posted

Raised the earnings guidance floor from $100 per share to $125 per share, excluding investment gains, for the next few years. (Prem said “of course there are no guarantees.”) 

Posted

Jen Allen is now going through the allegations in the report by grouping them into 4 categories.  Started with Digit valuation and now going through valuations of associates like Recipe.

Posted

Q&A now

 

Odyssey re quota share non-renewal question - $340m unearned premium returned to client - residential property quota share (was 2 year deal, didn't see the profits there).  Odyssey non-renewed it and returned the unearned premium.

 

Brit pullback on D&O, Cyber and Cat risk question

 

where do you see best opportunities, where do you see other areas where you want to be cautious

 

Pricing on reinsurance, mostly still seeing double digit price increases on the property side.

 

Insurance - mid-single digit price increases.  D&O and cyber price growth slowing and actually reducing 

Posted

Disclosure regarding associates that have been on the balance sheet since Jan. 1 2020.  Cash in / cash out / profits booked / contingent liabilities question.

 

Will you be disclosing these transactions?

 

Jen Allen taking the question.

 

"disclosed under IFRS in our annual report"

 

Block, "Rather than going for the bare minimum that IFRS requires, why not go for enhanced disclosure.  Why leave it there?"

 

Next question please

Posted
12 minutes ago, Gamecock-YT said:

CFO really leaning on their auditors to carry a lot of these answers

 

When you look at adjustments, discounts, calculating fair value, taxation related issues, attributed income classifications, etc...it's the auditors that make these calculations or at the very least review them and confirm them.  Cheers!

Posted
Just now, gfp said:

Disclosure regarding associates that have been on the balance sheet since Jan. 1 2020.  Cash in / cash out / profits booked / contingent liabilities question.

 

Will you be disclosing these transactions?

 

Jen Allen taking the question.

 

"disclosed under IFRS in our annual report"

 

Block, "Rather than going for the bare minimum that IFRS requires, why not go for enhanced disclosure.  Why leave it there?"

 

Next question please

 

Is this guy a moron or what?  Now he's not disputing accurate disclosure, but why doesn't Fairfax provide enhanced disclosure above and beyond what is required!  Cheers!

Posted
1 minute ago, gfp said:

Disclosure regarding associates that have been on the balance sheet since Jan. 1 2020.  Cash in / cash out / profits booked / contingent liabilities question.

 

Will you be disclosing these transactions?

 

Jen Allen taking the question.

 

"disclosed under IFRS in our annual report"

 

Block, "Rather than going for the bare minimum that IFRS requires, why not go for enhanced disclosure.  Why leave it there?"

 

Next question please

 

It's too early for popcorn.  

 

Posted
1 minute ago, gfp said:

Disclosure regarding associates that have been on the balance sheet since Jan. 1 2020.  Cash in / cash out / profits booked / contingent liabilities question.

 

Will you be disclosing these transactions?

 

Jen Allen taking the question.

 

"disclosed under IFRS in our annual report"

 

Block, "Rather than going for the bare minimum that IFRS requires, why not go for enhanced disclosure.  Why leave it there?"

 

Next question please

Asked and answered dirtbag..next!

Posted

Interest & Dividend income "locked" at approx. $2 Billion annually for approx. 4 years.

 

If soft landing, we can renew at these rates.

 

If hard landing, interest rates can go down, but the spread on corporate bonds can increase.  

 

Atlas forecast - $300 million going to $600 million by 2025 and Fairfax still sees that forecast as appropriate.

Posted (edited)
4 minutes ago, Parsad said:

 

When you look at adjustments, discounts, calculating fair value, taxation related issues, attributed income classifications, etc...it's the auditors that make these calculations or at the very least review them and confirm them.  Cheers!

 

it's just an observation, i'm intimately familiar with what an auditor does

Edited by Gamecock-YT
Posted

Long history of reserve redundancies.  Question was about reserve releases.  Over time our reserve releases could well be significant.

 

4th quarter gets more "full" reviews for reserve releases / adjustments.

 

2016 and 2018 years at Allied and Crum & Forstner have had some unfavorable development similar to the industry experience at large.  That effect is overwhelmed by positive adjustments elsewhere and for other years.

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