Fairfax Financial Holdings Limited (FRFHF) 5 Nov 212021 Q3 Earnings call transcript

Good morning, and welcome to Fairfax’s Third Quarter Results Conference Call.

Your lines have been placed in a listen-only mode. After the presentation, we will conduct a question-and-answer session. [Operator Instructions] Today's conference is being recorded.

If you have any objections, you may disconnect at this time.

call Watsa, today's from opening for Mr. host is with Prem remarks Your Bulas. Derek Mr. Bulas, please begin.

Securities as filed Shelf set risk risk out welcome call which the consequences forward-looking to The Regulators a to risk any resulting and factors applicable to variety over is include XXXX and statements from required with morning, Good except Prospectus, adverse our foreseeable revise intention such in related most CEO, in available results. or and may forward-looking perhaps of Chairman statements, forward-looking securities COVID-XX call on those I'll results contained pandemic. third to This call the uncertainties a or may Watsa. Base Actual personnel, include by SEDAR, statements. of and which obligation under from now been to turn and differ, our materially has quarter Prem now Fairfax Fairfax's disclaims Fairfax's investments, business, of Canadian result our the and of factors. as update which are discuss law. to any or

to operations Derek. plan Jen the you, our give call. XXXX conference third some some Good and Chief I Officer to financial to provide Operating Officer to Chief additional insurance and pass morning, reinsurance quarter Allen Welcome our Thank gentlemen. of the then and highlights Fairfax's Clarke, details. and you call to ladies Peter Financial on comment our

share XX% ratio by the $XX months $X billion. highest ratio of was of earnings for of We $X.X value in exceeds on XXX%. the XXXX. give Ida more per will have combined plant billion details months the first that. It German and A Hurricane the record XX%, you with quarter was a already European grew combined Peter per annual including dividend. nine third plant, impacted had nine our almost almost earnings ever our by Book of

nine major the in with compensation. for and our Our months the quarter gross were of rate exception workers the lines with XX% premium third all XX% steady business across up increases of

insurance up through Our and the XXXX from conference business ride we gross about annual XXXX XXXX. in growing on report over that all annual highlighted XXX out rapidly four last was shown about page that and calls significantly XX% world now years only a XX.X year negative were when premiums our year. page at to All all expect that re-insurance return. had XX had case, XXXX or billion I of you of our as In to XXXX each next we available we was report, that XXXX investment of rebounded then there our years, the is

each returns X.X% about of total the than first end we our of investment billion. the the better years reversed our whole we much In the quarter Just worried by investment return investors But return of nine than return ended of a In first In portfolio down time the up were portfolio was results the the In portfolio. X.X%. a investments, XX to in X.X%. four return up XX.X%. expected. years. the And had X.X%, our a in next which XXXX, investment highlight XXXX, was four was that, were XXXX, with were the only the out XXXX, our In XXXX, of XXXX, investment the positive year year, year negative XXXX, $X.X And XX.X%. whole X.X% XXXX, X% year, was resulted we were X.X%. then XXXX, following and XXXX, portfolio finally next more investment down down on again, up X.X% and year, months down of we investment X.X% was up investment

portfolio investment are the has of in half that lumpy. shown for very note our and nothing worked has term And was course because over History that it cash us returns securities. is earning last years. of XX this short will You the

never though loves it stock really Even earnings the We have currently. on quarter-by-quarter. market quarterly focused steady

that associates major Here’s first of in up marked-to-market in XX% up our BlackBerry the common are well how stock financial positions did top to XX%, investments, are IFL marked-to-market. Stelco on which Not take in in about in the positions above, XX%. and average well XXXX. months they statements stock was Candy financial XX% was our marked-to-market nine XX% were not the XX common which up are our included statements consolidated

of Resolute the nine up up XX% Cook first Atlas value XX%. XX%. up months as up positions Quest that for large Fairfax XX%, up nine of months average said XXXX. Here's was did the the XX%, India XX%, in and Thomas up Corp names Book XX% On Eurobank how group XX%, up share, I per XXXX. XX%, first up of Recipe

our and not does which include this are increase However, our consolidated equity in not marked-to-market. accounted investments investments the

digit being our to book if press September be did with mentioned market, as mark of approximately increase would fair in issuance on added basis per $XXX As book per we on them or are of excess a XX, XXXX. per Also of over release, value, excess value share. million these billion and as our XXX in share. our the closing value add pretax to value would we share we approval up our add about IRDA mentioned, X.X ownership $XX carrying XX% If share with to $XX would

As through difficult investing I long previously, period. very value term a have has said gone

particularly been the.com of technology about a extremes exceeding XXXX. extreme, value decade oriented the even in For valuations never era growth of now, so versus stocks have stocks,

value expect normalize, coming to oriented we stocks fore. the a As continues the to to economy mean reversion the with

On and stock stock the I Europe down were believe August RiverStone remind Barbados XXXX Fairfax XX%, of XXX as States, to downturn years they've common stock but the total receiving though XX, three for million. our undervalued sale mentioned. significantly even to our up We that continue years to continue United completed positions the I XXX%. Canada XXXX in three XXXX XXXX was most market the you the consideration of to just be gone up indices about in portfolio

As that all the XXX Luke we potential we in of transaction based future not which the to entire do any forward, them million of value U.K. and to value part the receive on U.K., recorded going contingent proceeds We RiverStone to have expect instrument very up for team performance for wish on. well. best RiverStone the we'd

Fairfax X.X approximately to at company note meet have term face. holding company, is cash predominantly the and that to every and Please the continue holding We cash any in securities. short in billion our might contingency

long to this pass other operations. operations. cash support the reinsurance to with on our insurance and not our making Peter insurance and any term to than Chief are Peter? reinsurance our Officer comment call investments Clark, Operating We I’ll now

Thank you Prem.

in ratio the million, year-to-date $XXX of Our losses $XX XXX our over companies combined added third premiums written continued ratio generating the ratio, quarter underwriting again the quarter. floods. and combined once combined of third of produce XX or was quarter. approximately reflecting $XXX of and quarter, to catastrophe gross losses produce ratio a underwriting catastrophe or XX.X included ratio the XXXX, underlying in above By quarter the the comparison, loss to -- catastrophe an COVID combined of average or the COVID European Ida the in points. four of quarter. gross the XXXX we of six catastrophe losses losses. from Total ratio $XX we million, combined million Adjusting loss premium losses, quarter of at significant In losses, results. million XX.X combined Hurricane produced of We points, XX running for no points profit or an the the had outstanding a the very in COVID which $X XXXX for combined underlying for principally XX% and $XXX related growth ratio third of The million is in strong, billion

On the XX, lowest and reported the XX respectively. Northbridge ratios underwriting combined and front, being Zenith

quarter elevated by driven also Group had Odyssey combined Brit losses. Allied at and While a World strong ratios XX principally catastrophe had

$X.X under Standards, both even insurance economic reinsurance it’s market an innovated business gross of XXXX. that in previous has XXX% as its must from it has made that writing premium XX% increase segments. premium of in the on and in mentioned, Accounting approximately Brit conditions expansion growth it As was quarter This up been It for by the be started continued company, possible the the favorable North up control including XX%, markets, and officers quarter, prevail Risk Group's billion growth effective our syndicate interest. consolidate XX% growth and follow especially a of in only premiums that noted and in many has Ki’s Odyssey segments. America. up were by casualty of directors its excess XX% grew strong World with was though our -- should premiums year. Allied XX% Ki, in particularly results, the innovative

of States. quarter, international and Growth was as quarter. the continues by it continues health Forster Crum compensation rebound its operations business health Expansion register this quarter accident included gross XX% top Northbridge’s travel Singapore as in $XXX strong dollar XX% million Zenith new market was XX% line growth was recently competitive well student business. terms, face increased impressive of was at full COVID driven XXXX. the of that in worker's by strong and it more Brit’s U.S. Asia's approximately our XX% Fairfax Ki, up premium the rate shutdown the division, up affected United as Re. its and Excluding headwinds the its the a in to consolidated premium from with increases, In retention in expanded Canada, to modest significantly premium in year-over-year. and and includes was

in Eastern these all registered South the Across in increases to America, expect and continue trends strong as companies growth South Central we Africa rate in and all quarter. Europe remain Fairfax, of robust. Our

gives to portfolio ability diversified teams us exceptional significant management footprint the global Our growth. organic and generate

losses made XX.X and resulted our and storms Louisiana floods top as As in $XXX million on of went Ida remnants be through Ida, to which its the European category ratio respectively. Hurricane in previously catastrophe to estimated produce of pass landfall combined a of as XXX.X four United five Hurricane were losses. one catastrophe flooding included States. the main of losses, points costliest North-eastern history, million $XXX the of drivers in the and mentioned,

As mentioned Brit's Ki previously, consolidated is results. into

XXX.X. on XX, one ratio September Ki, combined year-to-date the For was Brit’s excluding

the and losses Ki’s it’s expenses, XXXX. combined catches $X forward, and billion of earned exceeding of COVID underwriting in We million quarter, end ratio we in for benefit the premium operating companies unpaid which Ki claims is up expect our losses aggregate catastrophe losses, be been with Year-to-date, we costs. priced over quarter In XX% quarter, will fourth in hold changes are material the which their catastrophe us expand net third our reflected beginning position As of with results. for its our $XXX in going we losses process within loss reserve its business to we reserve to of And of today's as the the recorded strengthen price continues combined reported points our our X.X ultimate were currently XX million, COVID combined COVID-XX, quarter. in the annual as well The in actuarial of modest reviews, no in main reserve development on increases of with or favorable in There companies XX.X. ratio absorbed will IBNR. have believe ratio.

the continued volume. ratio sharp in in expense has benefit been premium quarters, from the increase case has our recent the As to

the where the points World, expense quarter-over-quarter, XXXX by dropped expense is X.X quarter underwriting lower points XXXX. X.X ratio overall helped Our in in Allied ratio versus mainly

re-evaluating expect and XXXX well in interest the and low social conditions appetites drivers hard into this continue risk strong inflation, XXXX. The of capacity remain rates, their We and main be deployment. participants to to throughout industry market market

Jen quickly well, markets. Our Financial companies their to performance investment overall Chief pass results, Officer our comment serve to decentralized will in financial Allen, system now operating call on continues the to and company's our I to to respond position. non-insurance opportunities as our allowing our

quarter non-insurance to gross a of book $XX half value our reported basic paid momentum Thank fourth of XXXX nine already company, to of net our of and positive, in in billion XXXX million shareholders in of has our first XXXX. third at months in first to which XX, insurance dividend and you, in $XXX value attributable adjusted book represented XX.X% from be quarter first common the Fairfax with of share focus Peter. year-to-date companies. The commentary share results $X.X of per detailed I'll our share the on Peter we per on provided XXXX include the highlighting respectively, of of We building continued achieved on quarter just the third September and reinsurance under XXXX results $XXX of earnings so the XXXX. the quarter

IFL million, bricks-and-mortar the the expense operating loss in programs in COVID-XX it we reflecting locations. quarter Excluding in from XXXX which XX.X third was Fairfax, the place, third noted the increase its a lastly, companies also of XXXX, of principally and Finance, that million. stronger restaurant of And XXXX restrictions business Fairfax by benefit volumes operating companies. compared our quarter the third gross XX.X% performance other to in XXXX, those from by by already margins income at which of which XXXX quarter of fees of the third were million Boat to reported the growth the across million of of of $XX of our with the quarter combined segments non-insurance Fairfax with nil the quarter healthy Group. India's income retail $XX.X profit operating saw associate Dexterra operating primarily The India's impact reduce government from at traffic And easing the that across their third negatively key million, $XX lower Canada segment, our of Rocker Fairfax grew XXXX share CIG increased management in of that reflected revenues the which and fourth and results drove an investment benefiting reflected XXXX of foot in those improved and in and subsidiary impacted subsidies recorded XXXX, higher expenses. the Revenue and deconsolidation $XX quarter Africa our

and reversal If million months $XX fee of fees $XXX of million a companies segment about of operating nine performance and India's you of months of the million, retail the by of attributed have impact Fairfax, exclude non-insurance with of Fairfax nine India. to the performance the about the $XX $XXX the improved restaurant in million in XXXX Fairfax $XXX XXXX, at first improvement income to our and of million first

of adjusted recorded million accrual months subsidiaries noted interest will in consolidated at our for page and subsidiaries of to primarily are accounted our which XXXX Fairfax attributed at by in non-insurance Atlas billion I'll adjusted Corp XXX pretax At pretax the a but at that Fairfax $XXX excess XX in and million, investments performance that further associates, shareholders Fairfax, consolidated of has XXX, XXXX about a benefiting not value That appreciation as that considers non-controlling attributed billion reflected of Eurobank allocated reviewed or to was XX million, our than XXX the Fairfax, of you nine by the as associates our been value of first the over Thomas X.X share, management portfolio drove XXXX first to the positions in improvement. per X.X book principally September carrying million the non-insurance India India's months indicator India with it's XXX refer certain expense. regularly nine on a and earnings that quarter over our higher As of Cook million, company of performance. The XXX underlying XXXX, of an certain the $XXX million manager million, million, non-insurance of to million. to for non-insurance compared of value value of -- third Quest of XXX XX, report interim be XX% improvements investment value improvement in details be of fair the was India's fee fair $XXX deficiency $XX December XX, million. which

friendly long a organic on growing on acquisitions concerns to mentioned with on before, we focusing value growth with shareholder value, we're with shareholder inflation. supported term growing commitment term long by smaller As focused end our

the reinsurance portfolio We hold significant about investments investment dated XX.X% in short continue a to or income term insurance portfolio. that our fixed of portion short XX.X and and cash, investment other billion securities company's of represented

this and short in us will we from income the inflation. rates interest As term protect but said previously, dampens rising position

real of decrease down Our interest the to the earned of reflected bonds sales and net and in general billion income was loans yield, XXXX, secured X.X $XXX nine of the by added of the five U.S. dividend due XXXX XXXX. benefit of primarily of will first provide sovereign in U.K. and which of government of $XXX in was an years XXXX XXX have income average That years. Treasury U.S. of throughout our X.X quarter We of bond sales Ireland, U.S., remainder higher lower from coming interest the the a of our quarter bonds common in in some bonds mortgage XXXX, third months high our of maturities our These stocks. to offset interest third than estate by the less and in million on corporate maturity Indian net XXXX in first terms million purchases quality income partially years. of and preferred in million are income in investments principally dividend with

at Looking million profit and Eurobank consolidated profit strong and associates of the of a investments $XX of quarter million Corp. XXXX associates were third results of million million from of comprised in $XX share from principally $XX Atlas from our Resolute, from $XXX shared and our reflected

losses on partially was quarter the of for million $XX The were That our $XXX digit of Toys on million of the gains a on Looking to mainly details derivatives third convertible $XXX “R” the shortly, of $X.X long equity on Canada. that compulsory Digit. on common losses net our of million gain gains recorded on in debentures. our gain nine long Us exposures, net offset unrealized million I'll other $XXX bonds were which net blackberry and primarily XXXX primarily stocks, net of $XXX sales in investments primarily related which and over further convertible A $XXX of additional in few million provide our by gains net our $XX swaps, our gains million gains reflecting return equity investment convertible equity on of on net quarter total our shares, on third million million, XXXX. of comments months just our and net comprised on of investments about $XXX billion net our to the preferred

we from Services, entered equity in recall second call, insurance Digit refer shares equity party agreements as you Digit Insurance conference If Digit it million new where subsidiary Insurance quarter in we to Digit, or underlying at $X.X XXX associate our a Infoworks its Go an hold third interest value with into XX% who is that billion. to raise going investors

we that shares the Digit, higher XX% fair at value of accounted fair XX Fairfax value valuation through fair convertible analysis. by weighting compulsory updating preferred attributed are that addition XX% convertible ascribe weighting probability the shares, the Fairfax preferred profit weighted to transaction which In last discounted Digit its model risk those in value XX% to an internal a the flow investment compulsory interest equity through value and quarter. loss. in fair of described We've adjusted that now cash Digit holds At was for and to determined September estimated XXXX, also

first about will and to XX% an the anticipated equity convertible and that underlying XXXX. of XXX additional value fourth raise. above shares we approximately of of to that reflecting of approvals Digit $XXX to the closing interest, of to a in positive approximately the the implied quarter, regulatory completed of the X.X Digit share nine upon which by our interest be was ray, investment our specific Insurance resulted With the of in in closing The weighting billion million book relating $XX. in capital gain the equity attaining controlling XXX company X.X increase to developments consolidating Upon that million in that's billion quarter, compulsory occurring the value XXX the third per in the gain months anticipate fair unrealized probability in quarter now Digit XXXX, record change increase

The been a And the company $XX of investments gain billion companies XXXX. and borings remains strong as cash supports our insurance at recorded of The we and as companies facility Eurolife consideration about position efficiently. non-insurance interest the fair a XX, results and in by estate have by lastly, of of the approximately Us million to Toys to still recorded consideration XX% the transactions $X.X quarter, at of net company and quarter. gain enables consolidating a XX% we August credit at non-insurance of underlying Toys couple And OMERS Brit our for interest repaid. venture “R” on our venture XXXX realized we our XX% On September acquiring our of cash we holding Toys CVC in the cash we and completed of two the re-measured August consideration liabilities its us to we sales key July of million value holding $XX mentioned of investments, look interest Canada XX, sale subsequently consideration its earlier Eurolife. for structure looking $XXX the Fairfax. for highlight capital maintain equity reporting the XX, mentioned company completed the from liquidity Canada. million. the venture Us deploy issued Canada of monetize from our to started just and in increased cash, with have Us companies, $XXX We operations, sold insurance the $XXX de-consolidated And fully the with we before, joint at “R” a assets, we our and continued in XX.X% Looking XX% was and segment interest XX, joint $XXX On paid to “R” XX, joint million. that and August million for our to in million last our receive Barbados completed On of opportunities RiverStone real of companies, XXX of shares interest to then dividend that we over decentralized in to representing OMERS Brit of million. to Eurolife

our We debt continue to cap to consolidated in to non-insurance decreased XX strategy, be our capital companies from and in both by significant total attributed XX.X% XX reduction net the at terms of reflected and total company XXXX, debt a in increase our the billion excluding our the equity, prudent insurance XX.X% XXXX, shareholders’ and our operations. at of deployment December at under September which earnings holding ratio, X% just and to $X.X reinsurance

it non-insurance market, secured associates notes insurance facility drawn to XXXX, subsequent positioned focused portfolio consider our consolidated to million During restrictions, and well due In now that is underwriting the of COVID-XX on redeemed non-insurance the company's in the repaid XX benefit third of the nine we profitability investments the summary, September value subsidiaries first amounts million to for quarter, you. the were Thank at on leaving no our after organic February strong over prudent I'll the are we $XXX unsecured certain the helping be growth quarter basic credit XX to in to XX. addition, remaining we very company to results, and turn with year, XXXX, benefiting now that And share. at growth, from of reserving. the in drive October par. per continue principal months Prem. on the And our the back consolidated book And easing

your so to to your us very fair one name and company forward to Please name you Jen. that it's limit try only of answering and Thank all much, We your the questions. questions to call. give your look

for Sure. ready the we're Cedric, Okay, questions.

first [Operator who's Instructions] Ron, comes investor. Jr. The question a from private

line open. Your is

But gap value plan? XX%, the India book actual wonderful earnings. Question between Congratulations think guys how Or actual do to you. like Fairfax value could narrower, over, now for guys closer and we you Fairfax and on for book India, Financial? Fairfax it the and is Fairfax the price. XX% share you the get Financial do what

Thank for you, Jr your question.

stock, think We on we're our We've can as of term performance, back undrawn all, we look first. we that billion, billion got said right? which cash price and We of back and buy Long are. to line $X it's be When stock. can very marketable credit and performance our half attractive. soundness sound, at We buy a focused before. control. financially we said, stock and First financial Jen one got years. five We've securities we

So we're no a very, years, maturities and three for few very strong years.

as have all So insurance expanding said. are businesses the Peter we financially sound, world, significantly over

capital so at second you're marketplace always all is take have And those of to getting point back because to are advantage met, And risks of for to look the finally, we'd shares. paid take buying the if then today.

how we we're it. on focused But performance. look that's So at

again a congratulations wonderful And on Thanks. quarter.

Jr. Thank you,

Oliver, question, Next Cedric.

question with Markets. comes And next from Dwelle Mark RBC Capital

Your line is open.

Yes, good of morning. A questions. couple

and quarter, was very that an much numbers came to large. of equity how maybe have to felt the kind losses catastrophe out Peter. in expectations? would talk as higher Brit you exposure stood bit it's of losses. overall relative one when catastrophe and its events through from probably in me on The were how particular risk to question we're I your First, for a thought your of kind percentage standpoint this a Cat kind And based than quarter the the historical performance. the I exposure you manage overall company higher of you to a having out Can appreciate aggregation

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cat capital shareholders So we equity don't want exposures. that of because our drop

Peter that, view up, and are previews exposures, given that So cat going your fact on specifically the Brit. our just on

at exposure is Fairfax we the closely level. quite Yes, cat look Sure, something Hey, Mark. Hi, at

CAD premium exposure it's it's speaking, as company and Generally our been has quarter-to-quarter hasn't it at flat. So and been that level has going been well managed, growing level, then up, monitor a Fairfax basically monitor, like our which the on the basis. managed XX%, we aggregated at

overall decreasing. So proportional we CAD exposure, is at when business look on book our our basis, of a

As a get that's going Fairfax, coming get when quarter. -- there's get, the of as when down. when we Odyssey, And a losses. big overall And higher in what a hit. hurricane are when books bigger the a of proportion get reinsurance big risk events, it cat we was quarter, heavy specifically the in And they event. they're going to our to it's case exposure typically Ida Hurricane losses was a And happened to

to for go was you a combined in second heavy and they've quarter other the the of third the and Hurricane years, at the And think quarter XXX%. had better look there quarter Maria. other activity this that ratio I with the again was above back was Harvey part where XXXX, Irma, and one only If Odyssey is XX

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open book. have So book applies Odyssey. again, binders property to, same market the to property a they also But and an

to in which open hit insurance points the was ratio. as have this it region. quarter, they its a exposure book, in they and So the added more losses Ida side on XX their get Louisiana well. Ida, that combined lot they get in region And property catastrophe on in market about

Brit, at program. as any the And from affected lastly reinsurance they that their didn't somewhat get benefit cat So well. results

their of as the losses basically coming just the their for are retention year aggregate now, cat cover. of their up to So

will in is any the losses quarter be any further, good further minimal development the Brit. So news for or fourth

business the financial as And the that's the on you take has consolidating billion, the add Peter disclosed has in XXX% we for Brit, some interest Peter do was expect quarter we fortune approximately will fourth don't then ratio past, saying it's when get Ki But XX% they're losses at that's mode. very mentioned of redundancies we cat. nine only for to and In XXX% for was remember reserves Mark. combined was $X well Peter saying points that at had about they're we’re very good said, Peter your at well it months, reserve is well in months. it. combined a as billion. insurance, a reinsurance And careful that look are press yes, the a just months. We release, below But in every we fourth The been quarter, big as ratio on Ki. for XX% how in would if just combined like you XXX. statements did the we've nine taken. had with if And quarter as a reserves And in very at we look cat notes nine the our risk so we out we're the just and the look Cat have so reserve. so take we got of our – expansion year the We've ratio that Yes, to our as $X once above

remaining just juggling and question, and other points the feedback the one can wanted If needs of remaining terms some, Digit, estimated I But color recognition happen just steps, of I on $XX, what that Appreciate appreciate timeframe, one fourth some in very briefly happen when to talk helpful. guess I to, to ask to you've in of is that. what order suggested see the quarter might what which the is $XX? happen? is, to trying needs it thing color then And again, to get great, a I, are [Ph] there. number through I to related That's the

that's Peter question approved which be body. a asked Indian million. the to $XXX and million is That has investors simply, three did good that a as and stock by the they outside very XXX been IRDA, million have half regulatory Jen issue from That's, Mark. issue, said, Basically

So one. any problem that's number Simple anytime. and That about should should Process that. The happen don't see anytime. We happen Approval

step The Government that that the Parliament. limit this the foreign has XX%, law, second goes passed for was passed been XX%. is That's in Indian into it companies the to

only has be by the waiting think are the Peter IRDA, to And that. stuff done and administrative Jen. those for it's two regulatory and Now the the things body, I

that's one competition is up think I the in step There relation to XX%. our to right. other filing

through of piece the do anticipate consolidation, a fourth come in of timing be as leg the Prem on to CCPs the might little there that but has Digit So quarter second of larger the indicated. bit

approvals in risk India, in we and the But Mark of timing it. see So all don't that. any

take but it'll We you come the disclose But approvals taking caution doesn't country expecting time will the passed XX% as mind, be reason our will So they're, and sorts and terms very that a in is million take quarter. first of India, place. $XXX as come risk to it they're if quickly quarter, these little it in that were But get we do it big that all approvals just we possible. that it's think of not time. in Parliament's in because I it fourth be so, the the, approved. trying the there's like that no, a already But, deal. The

to to and be didn't So it's want not disclosed. happen, going we it

first only fourth any account in disclose that knows we the risk. quarter, it, and accounting, and So don't be for there's we everyone It'll the it quarter. we think whether

it as but you So, fourth how we said, things know these expect to quarter, be are. we

Any other Mark? question,

I No, the insight. that's appreciate it.

As going not can the we for move there's color. to pace, they're governments know, move, do. are going we Thanks all at to much the

world. next the But all that's And over question, Cedric? our

Instructions] [Operator Leucadia from question Our Sure. with next [Indiscernible] Investment. comes Craig

Your open. line is

XXX%. Hello, insurance I'd in the like all applaud subsidiaries that to came under

under So noticed comes in stay here that's combined I great. low I in like XXX. to Zenith out see ratio consistently those California.

give And to to like great your Van like applaud Prem, So Gundy, personal, $XXX Kari here. to million. job buyback also year personally last a out doing of kudos

confidence. you're showing So

so It as as that Normally to us doing is far just probably as I little a see stock So a thing. the like Fairfax corporate I confidence that. price term guess actually insiders I might buybacks, it. do low, well short don't the gives to mean, and good that rewards traders.

how is their payout enough have investors? it have question we dividend. cash know my algorithms. we reward free radar. I the But seems Wall the Street can ratio the like us long not for the on computer term doesn't Fairfax So on is, flow to raise

like it that $XX $XX dividend like what's this I'd just Prem? to a chances the see double to raise year, the of So

are them. for points I their loss below their Zenith ratio is special perhaps the about Gundy they're points industry. so is We The provide experienced Craig visit is Kari the, business customers it's there they're underwriting the Van conservative, compliments job. best And think United tell to XX States. your Zenith go year fantastic about must it's XX, of for the company. they and has and the ratio second year done I results. I think like in I've is Peter, And none. out. XX services They the last as a you, you all, thank I workers below So and industry first mean, a in compensation it reserving when

to something, a your the on I it at the recommending paid buybacks time. officers. salary. any dividends, of points and for because than raise, not in dividends no makes the did. I'm I'm people compared And Craig board but well the taken. asking have $XXX,XXX I So lowest stuff, it way, don't bonus. doesn't look our all directors come and easier among all taken And a by for company, never the among more it I I've back to on we the me. But the shares. it get And when I’m

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very cheap. it's over you sometimes. years, I'll expensive think been But Craig, has XX our tell I stock

a you these cryptocurrencies everyone's stock And And looking market value sometimes some dropped, like estimates no I've incredibly it's is underlying in missed ridiculously where priced. it's happens the.com Peloton now, right and you stocks now Hi-tech, and growing period, Hi-tech, And is like making XX% a a said cheap. like very this But no like XX%, they're then see that what fundamental weed, There's at are that. And the down XX%. money. time cheap. have

will that happen. think we Someday

stock I've XXXX, time. value question provides say market long and XXX%. cumulative, will the United And, XXXX, the Europe, been think Our a to XXXX in in unbelievable up shareholders. Canada And States, market markets for most it's time, only of stock our Craig. XX% in I and dropped by and we XX% a In shift about went portfolios our for

the XX%, following in up XX%. fact, In year, another they went

in Atlas this And to we look the the showed by be the Sokol, how their earnings, they're investing we'll change. marketplace, that all they behaves. and will stock and are It's company, That's containership the buy earnings, that names in and, David, the run is so David double cryptocurrencies value just to beneficiary. when how going their And, it next have. world hardly that's And years. wants they or market we the has four stock and changes, of Craig. Everyone it, so moved. at but three

for you question. thank Thanks So the for your support.

Okay, thanks.

you I maybe give we raise. think should a

Yes.

own raise follow Hopefully dividend totally do we out they And philosophy. the I good can personally because dividend. ATCO I pay and a your

So Thanks that too. maybe we the to Fairfax can along that. people pass for

Craig. Thank you,

And we've always You're admired Leucadia. Leucadia. from

very you Cedric. thank much, So

Next question?

this time. further at no showing questions I'm

questions. no Okay, more

next joining look all you to call. you thank we our Thank of on much forward very Cedric, for hosting So, call. you. the us And

that conference. Thank today's you. concludes And

Speakers, disconnect You at may by for stand you all conference. may time. this post