Fairfax reports Q3 profits of $253.2 million

Fairfax Financial Holdings Ltd. has reported profits of Cdn$253.2 million for 2007 Q3, a dramatic increase from 2006s Q3 loss of Cdn$359.2 million.
In the first nine months of 2007, net earnings increased to Cdn$532.2 million, compared to a reported profit of Cdn$68.4 million for the same period last year.
Fairfax is the parent company of OdysseyRe and Northbridge Financial Company. Respectively, the subsidiaries reported combined operating ratios of 88.5% and 97.9%.
Northbridge reported net earnings of Cdn$53.9 million for the quarter, an increase from last years Cdn$30.9 million. Of that, underwriting profit represented Cdn$32.7 million, an improvement over 2006s Cdn$18.6 million.
Underwriting results and the combined ratio for the third quarter of 2007 were affected by favourable foreign exchange movement on translation of claims denominated in U.S. dollars, reducing claims expense and combined ratio by Cdn$20.4 million and 7.2 percentage points, respectively, a Northbridge release says.
Odyssey Re reported profits of Cdn$104.7 million for the quarter, as compared to 2006 Q3s Cdn$54 million.
Gross premiums written for the quarter ended Sept. 30, 2007 were Cdn$594 million, an increase of 2.6% compared to Cdn$579 million for the quarter ended Sept. 30, 2006.