Fairfax Financial reports record investment gains for 2008

Fairfax Financial Holdings Limited (TSX and NYSE: FFH) reported profits of US$346.8 million in 2008 Q4 and US$1.5 billion for 2008, reflecting record investment gains of US$2.72 billion in 2008.
Northbridge Financial Corporation, Fairfax’s Canadian commercial lines subsidiary, reported a profit of Cdn$46.7 million for 2008, marking a drop from a profit of Cdn$295 million in 2007.
For 2008 Q4, Northbridge reported a net loss of Cdn$51 million, compared to 2007 Q4’s profit of Cdn$79.5 million.
Northbridge’s combined ratio climbed to 107.3% in 2008 from 92.3% in 2007.
For the year, Northbridge reported an underwriting loss of Cdn$83.3 million, a decrease from the underwriting profit of Cdn$84.3 million reported in 2007. Quarter-over-quarter underwriting loss increased from Cdn$2 million to Cdn$49.9 million.
OdysseyRe, a reinsurance subsidiary of Fairfax, reported a net loss of US$450 million in 2008, compared to a net loss of US$350 million in 2007.
The reinsurer’s combined ratio for 2008 was 103.5%, marking an increase from 2007’s 95.5%..