Fairfax Financial Holdings Limited announces that Mark Ram has decided to retire as the President and CEO of Fairfax’s wholly-owned Northbridge Financial Corporation subsidiary, effective May 15, 2011. Mark has been with the Fairfax organization for over twenty years and has been instrumental in its Canadian operations as the President and CEO of Northbridge and, prior thereto, as the President of Markel Insurance Company of Canada.
Fairfax Financial Holdings Limited announces a net loss of $240.6 million in the first quarter of 2011 ($12.42 per diluted share) compared to net earnings of $418.4 million in the first quarter of 2010 ($20.38 per diluted share). The decrease in earnings arose primarily from the impact of $311.3 million of pre-tax ($217.7 million after tax) Japan earthquake losses net of reinsurance and reinstatement premiums and from net investment losses of $101.5 million.
Fairfax Financial Holdings Limited will hold a conference call at 8:30 a.m. Eastern Time on Friday, April 29, 2011 to discuss its 2011 first quarter results which will be announced after the close of markets on Thursday, April 28 and will be available at that time on its website www.fairfax.ca.
Fairfax Financial Holdings Limited is pleased to announce that effective April 1, 2011 Andrew Barnard will become President and COO of Fairfax Insurance Group, to oversee all of Fairfax’s insurance and reinsurance operations worldwide and to work with the presidents of those operations on strategy and coordination.
Fairfax Financial Holdings Limited announces fiscal year 2010 net earnings of $469.0 million ($21.31 per diluted share) compared to $856.8 million ($43.75 per diluted share) in 2009, reflecting lower net gains on investments and weaker underwriting results, partially offset by a corporate income tax recovery for 2010.
Fairfax Financial Holdings Limited announces the successful completion today of its acquisition of First Mercury Financial Corporation (“First Mercury”) (NYSE: FMR). First Mercury shares will be delisted from the New York Stock Exchange prior to the open of trading tomorrow.
Fairfax Financial Holdings Limited will hold a conference call at 8:30 a.m. Eastern Time on Friday, February 18, 2011 to discuss its 2010 year-end results which will be announced after the close of markets on Thursday, February 17 and will be available at that time on its website www.fairfax.ca.
Fairfax Financial Holdings Limited and First Mercury Financial Corporation announced that First Mercury’s stockholders today voted in favor of Fairfax’s acquisition of First Mercury for $16.50 per share in cash. Over 99% of the votes cast, representing approximately 85% of the shares of First Mercury common stock issued and outstanding, were in favor of adoption of the merger agreement.
Fairfax Financial Holdings Limited announces that it has declared a dividend of US$10.00 per share on its outstanding multiple voting and subordinate voting shares, payable on January 26, 2011 to shareholders of record on January 19, 2011. Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada.
Fairfax Financial Holdings Limited has filed a final short form base shelf prospectus with securities regulatory authorities in Canada and the United States. The shelf prospectus allows Fairfax to offer from time to time over a 25-month period up to US$2.0 billion of debt, equity or other securities.