Fairfax reports Q2 profit of Cdn$168.1 million

Fairfax Financial Holdings Limited (TSX: FFH) announced a 2007 Q2 profit of Cdn$168.1 million, down from 2006 Q2 earnings of Cdn$229.2 million.
Northbridge Financial Corporation (TSX: NB) and Odyssey Re Holdings Corp, Fairfaxs respective primary insurance and reinsurance operations, announced 2007 Q2 net earnings of Cdn$116.7 million and Cdn$153.38 million, respectively, information from the companies say.
These financial results represent an increase of Cdn$79.4 million for Northbridge and a decrease of Cdn$65.58 million for Odyssey Re over 2006 Q2.
The combined ratio of Fairfaxs insurance and reinsurance operations for 2007 Q2 was 92.4% on a consolidated basis Northbridge had a CR of 86.9% and Odyssey Re 93.9%.
Odyssey Re saw a decrease of 5.3% in gross premiums written throughout over 2006 Q2. Northbridge reported an underwriting profit of Cdn$35.5 million during this same period, marking a significant improvement from 2006 Q2s underwriting loss of Cdn$38.3 million.
Fairfaxs consolidated underwriting profit for 2007 Q2 at the companys insurance and reinsurance operations – which includes, as well as Northbridge and Odyssey Re, Crum & Foster, Fairfax Asia, and Group Re was Cdn$87.2 million, compared to an underwriting loss of Cdn$1.6 million for the same period in 2006.