Fairfax Financial Holdings Limited
NYSE : FFH
TSX : FFH.SV

Fairfax Financial Holdings Limited

September 08, 2005 09:09 ET

Fairfax Announces Loss Estimates For Hurricane Katrina

TORONTO, ONTARIO--(CCNMatthews - Sept. 8, 2005) -

(Note: All dollar amounts in this press release are expressed in U.S. dollars.)

Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) announces that its initial estimate of aggregate potential net losses relating to Hurricane Katrina is in the range of $175 million to $220 million before tax and minority interests, or approximately $108 million to $134 million after tax and minority interests. The estimated hurricane losses are recorded within Fairfax's insurance and reinsurance companies as follows:



Before Tax and After Tax and
Minority Interests Minority Interests
------------------ ------------------
($ millions)

OdysseyRe $ 80 - 100 $ 42 - 52
Crum & Forster 35 - 40 23 - 26
Group Re 40 - 50 35 - 44
Northbridge 20 - 30 8 - 12
----------- -----------
$ 175 - 220 $ 108 - 134


These estimates are based on a preliminary review and on an estimated total insured loss from Hurricane Katrina of $30 billion. Fairfax recognizes that at this early stage it is not possible to make a calculation of its financial exposure to claims relating to Hurricane Katrina with a high degree of certainty.

Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance, investment management and insurance claims management.

Contact Information

  • Fairfax Financial Holdings Limited
    Greg Taylor
    Chief Financial Officer
    (416) 367-4941
    www.fairfax.ca