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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fairfax Financial Holdings Limited | TSX:FFH | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
8.20 | 0.53% | 1,551.53 | 1,547.00 | 1,553.00 | 1,552.66 | 1,516.47 | 1,546.02 | 30,331 | 21:12:27 |
"In 2020 all of our insurance and reinsurance companies except Brit achieved a combined ratio below 100%. Our consolidated combined ratio of 97.8% in 2020 included catastrophe losses of $644.3 million or 4.7 combined ratio points and COVID-19 losses of $668.7 million or 4.8 combined ratio points. Core underwriting performance continued to be very strong with a combined ratio excluding COVID-19 losses of 93.0%, continued favourable reserve development and growth in gross premiums written of 12.5%, resulting in operating income of $915.8 million despite the catastrophe and COVID-19 losses.
"Our net losses on investments of approximately $1.5 billion at March 31, 2020 reversed over the remainder of the year and we finished 2020 with net gains of $313.1 million. We continue to focus on being soundly financed and ended the year with approximately $1.3 billion in cash and investments in the holding company. We expect that by end of the first quarter, with the closing of the RiverStone Barbados transaction described below, we will have in excess of $1.0 billion of cash and investments in the holding company, with our credit facility fully paid off.
"Throughout much of last year, I made public statements to the effect that our belief was that Fairfax shares were trading in the market at a ridiculously cheap price. Following our value investing philosophy, since the latter part of 2020 we have purchased total return swaps with respect to 1,407,864 subordinate voting shares of Fairfax with a total market value at the time of those agreements of $484.9 million ($344.45 (Cdn$443.93) per share)," said Prem Watsa, Chairman and Chief Executive Officer.
The table below presents the sources of the company's net earnings in a segment reporting format which the company has consistently used as it believes it assists in understanding Fairfax:
Fourth quarter | Year ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
($ millions) | |||||||||||
Gross premiums written | 4,904.3 | 4,237.6 | 19,125.9 | 17,511.2 | |||||||
Net premiums written | 3,727.4 | 3,221.5 | 14,864.5 | 13,835.6 | |||||||
Underwriting profit | 166.8 | 123.8 | 309.0 | 394.5 | |||||||
Interest and dividends - insurance and reinsurance | 120.3 | 155.5 | 560.6 | 657.0 | |||||||
Share of profit (loss) of associates - insurance and reinsurance | 27.9 | (28.6 | ) | 46.2 | 56.0 | ||||||
Operating income - insurance and reinsurance | 315.0 | 250.7 | 915.8 | 1,107.5 | |||||||
Run-off (excluding net gains (losses) on investments) | (147.0 | ) | (169.7 | ) | (194.6 | ) | (214.7 | ) | |||
Non-insurance companies (excluding net gains (losses) on investments) | (65.0 | ) | (166.3 | ) | (178.7 | ) | (2.4 | ) | |||
Interest expense | (117.1 | ) | (117.0 | ) | (475.9 | ) | (472.0 | ) | |||
Corporate overhead and other income (expense) | 15.5 | 1.0 | (252.7 | ) | 98.1 | ||||||
Net gains on investments | 1,235.8 | 640.4 | 313.1 | 1,716.2 | |||||||
Gain on deconsolidation of insurance subsidiary | — | — | 117.1 | — | |||||||
Pre-tax income | 1,237.2 | 439.1 | 244.1 | 2,232.7 | |||||||
Recovery of (provision for) income taxes | (278.8 | ) | 63.6 | (206.7 | ) | (261.5 | ) | ||||
Non-controlling interests | (49.3 | ) | 169.3 | 181.0 | 32.9 | ||||||
Net earnings attributable to shareholders of Fairfax | 909.1 | 672.0 | 218.4 | 2,004.1 |
Highlights for fiscal year 2020 (with comparisons to fiscal year 2019 except as otherwise noted) include the following:
Fourth quarter of 2020 | ||||||||
($ millions) | ||||||||
Realized gains (losses) | Unrealized gains (losses) | Net gains (losses) | ||||||
Net gains (losses) on: | ||||||||
Long equity exposures | 21.4 | 1,159.8 | 1,181.2 | |||||
Short equity exposures | (376.6 | ) | 238.6 | (138.0 | ) | |||
Net equity exposures | (355.2 | ) | 1,398.4 | 1,043.2 | ||||
Bonds | (23.2 | ) | 135.0 | 111.8 | ||||
Other | (102.2 | ) | 183.0 | 80.8 | ||||
(480.6 | ) | 1,716.4 | 1,235.8 |
Year ended December 31, 2020 | ||||||||
($ millions) | ||||||||
Realized gains (losses) | Unrealized gains (losses) | Net gains (losses) | ||||||
Net gains (losses) on: | ||||||||
Long equity exposures | 392.9 | (21.0 | ) | 371.9 | ||||
Short equity exposures | (703.9 | ) | 175.3 | (528.6 | ) | |||
Net equity exposures | (311.0 | ) | 154.3 | (156.7 | ) | |||
Bonds | 102.7 | 459.5 | 562.2 | |||||
Other | (542.2 | ) | 449.8 | (92.4 | ) | |||
(750.5 | ) | 1,063.6 | 313.1 |
There were 26.4 million and 26.9 million weighted average common shares effectively outstanding during 2020 and 2019 respectively. At December 31, 2020 there were 26,176,506 common shares effectively outstanding.
Unaudited consolidated balance sheet, earnings and comprehensive income information, together with segmented premium, combined ratio, prior year reserve development and catastrophe and COVID-19 loss information, follow and form part of this news release.
In presenting the company’s results in this news release, management has included operating income (loss), combined ratio, float and book value per basic share measures. Operating income (loss) is used in the company's segment reporting. The combined ratio is calculated by the company as the sum of claims losses, loss adjustment expenses, commissions, premium acquisition costs and other underwriting expenses, expressed as a percentage of net premiums earned. Float is calculated by the company as the sum of insurance contract liabilities and insurance contract payables, less the sum of insurance contract receivables, recoverable from reinsurers and deferred premium acquisition costs. Book value per basic share is calculated by the company as common shareholders' equity divided by the number of common shares effectively outstanding.
As previously announced, Fairfax will hold a conference call to discuss its 2020 year-end results at 8:30 a.m. Eastern time on Friday February 12, 2021. The call, consisting of a presentation by the company followed by a question period, may be accessed at 1 (888) 390-0867 (Canada or U.S.) or 1 (212) 547-0141 (International) with the passcode “FAIRFAX”. A replay of the call will be available from shortly after the termination of the call until 5:00 p.m. Eastern time on Friday, February 26, 2021. The replay may be accessed at 1 (800) 759-4964 (Canada or U.S.) or 1 (203) 369-3596 (International).
Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.
For further information, contact: | John Varnell |
Vice President, Corporate Development | |
(416) 367-4941 |
Certain statements contained herein may constitute forward-looking statements and are made pursuant to the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fairfax to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: a reduction in net earnings if our loss reserves are insufficient; underwriting losses on the risks we insure that are higher or lower than expected; the occurrence of catastrophic events with a frequency or severity exceeding our estimates; changes in market variables, including interest rates, foreign exchange rates, equity prices and credit spreads, which could negatively affect our investment portfolio; risks associated with the global pandemic caused by COVID-19, and the related global reduction in commerce and substantial downturns in stock markets worldwide; the cycles of the insurance market and general economic conditions, which can substantially influence our and our competitors' premium rates and capacity to write new business; insufficient reserves for asbestos, environmental and other latent claims; exposure to credit risk in the event our reinsurers fail to make payments to us under our reinsurance arrangements; exposure to credit risk in the event our insureds, insurance producers or reinsurance intermediaries fail to remit premiums that are owed to us or failure by our insureds to reimburse us for deductibles that are paid by us on their behalf; our inability to maintain our long term debt ratings, the inability of our subsidiaries to maintain financial or claims paying ability ratings and the impact of a downgrade of such ratings on derivative transactions that we or our subsidiaries have entered into; risks associated with implementing our business strategies; the timing of claims payments being sooner or the receipt of reinsurance recoverables being later than anticipated by us; risks associated with any use we may make of derivative instruments; the failure of any hedging methods we may employ to achieve their desired risk management objective; a decrease in the level of demand for insurance or reinsurance products, or increased competition in the insurance industry; the impact of emerging claim and coverage issues or the failure of any of the loss limitation methods we employ; our inability to access cash of our subsidiaries; our inability to obtain required levels of capital on favourable terms, if at all; the loss of key employees; our inability to obtain reinsurance coverage in sufficient amounts, at reasonable prices or on terms that adequately protect us; the passage of legislation subjecting our businesses to additional adverse requirements, supervision or regulation, including additional tax regulation, in the United States, Canada or other jurisdictions in which we operate; risks associated with government investigations of, and litigation and negative publicity related to, insurance industry practice or any other conduct; risks associated with political and other developments in foreign jurisdictions in which we operate; risks associated with legal or regulatory proceedings or significant litigation; failures or security breaches of our computer and data processing systems; the influence exercisable by our significant shareholder; adverse fluctuations in foreign currency exchange rates; our dependence on independent brokers over whom we exercise little control; impairment of the carrying value of our goodwill, indefinite-lived intangible assets or investments in associates; our failure to realize deferred income tax assets; technological or other change which adversely impacts demand, or the premiums payable, for the insurance coverages we offer; disruptions of our information technology systems; assessments and shared market mechanisms which may adversely affect our insurance subsidiaries; and adverse consequences to our business, our investments and our personnel resulting from or related to the COVID-19 pandemic. Additional risks and uncertainties are described in our most recently issued Annual Report which is available at www.fairfax.ca and in our Base Shelf Prospectus (under “Risk Factors”) filed with the securities regulatory authorities in Canada, which is available on SEDAR at www.sedar.com. Fairfax disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
Information onCONSOLIDATED BALANCE SHEETSas at December 31, 2020 and December 31, 2019 (unaudited - US$ millions)
December 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Holding company cash and investments (including assets pledged for derivative obligations – $79.5; December 31, 2019 – $5.5) | 1,252.2 | 975.5 | |||||
Insurance contract receivables | 5,816.1 | 5,435.0 | |||||
Portfolio investments | |||||||
Subsidiary cash and short term investments (including restricted cash and cash equivalents – $751.9; December 31, 2019 – $664.8) | 13,197.8 | 10,021.3 | |||||
Bonds (cost $14,916.1; December 31, 2019 – $15,353.9) | 15,734.6 | 15,618.1 | |||||
Preferred stocks (cost $268.3; December 31, 2019 – $241.3) | 605.2 | 578.2 | |||||
Common stocks (cost $4,635.5; December 31, 2019 – $4,158.2) | 4,599.1 | 4,246.6 | |||||
Investments in associates (fair value $4,154.3; December 31, 2019 – $4,521.7) | 4,381.8 | 4,360.2 | |||||
Investment in associate held for sale (fair value $729.5; December 31, 2019 – nil) | 729.5 | — | |||||
Derivatives and other invested assets (cost $944.4; December 31, 2019 – $1,168.7) | 812.4 | 759.1 | |||||
Assets pledged for derivative obligations (cost $196.1; December 31, 2019 – $146.7) | 196.4 | 146.9 | |||||
Fairfax India (and Fairfax Africa at December 31, 2019) cash, portfolio investments and associates (fair value $2,791.0; December 31, 2019 – $3,559.6) | 1,851.8 | 2,504.6 | |||||
42,108.6 | 38,235.0 | ||||||
Assets held for sale | — | 2,785.6 | |||||
Deferred premium acquisition costs | 1,543.7 | 1,344.3 | |||||
Recoverable from reinsurers (including recoverables on paid losses – $686.8; December 31, 2019 – $637.3) | 10,533.2 | 9,155.8 | |||||
Deferred income tax assets | 713.9 | 375.9 | |||||
Goodwill and intangible assets | 6,229.1 | 6,194.1 | |||||
Other assets | 5,857.2 | 6,007.3 | |||||
Total assets | 74,054.0 | 70,508.5 | |||||
Liabilities | |||||||
Accounts payable and accrued liabilities | 4,996.1 | 4,814.1 | |||||
Derivative obligations (including at the holding company – $22.8; December 31, 2019 – $0.3) | 189.4 | 205.9 | |||||
Liabilities associated with assets held for sale | — | 2,035.1 | |||||
Deferred income tax liabilities | 356.4 | — | |||||
Insurance contract payables | 2,964.0 | 2,591.0 | |||||
Insurance contract liabilities | 39,206.8 | 35,722.6 | |||||
Borrowings – holding company and insurance and reinsurance companies | 6,614.0 | 5,156.9 | |||||
Borrowings – non-insurance companies | 2,200.0 | 2,075.7 | |||||
Total liabilities | 56,526.7 | 52,601.3 | |||||
Equity | |||||||
Common shareholders’ equity | 12,521.1 | 13,042.6 | |||||
Preferred stock | 1,335.5 | 1,335.5 | |||||
Shareholders’ equity attributable to shareholders of Fairfax | 13,856.6 | 14,378.1 | |||||
Non-controlling interests | 3,670.7 | 3,529.1 | |||||
Total equity | 17,527.3 | 17,907.2 | |||||
74,054.0 | 70,508.5 | ||||||
Book value per basic share | $ | 478.33 | $ | 486.10 |
Information onCONSOLIDATED STATEMENTS OF EARNINGSfor the fourth quarters and years ended December 31, 2020 and 2019(unaudited - US$ millions except per share amounts)
Fourth quarter | Year ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Income | |||||||||||||||
Gross premiums written | 4,904.3 | 4,237.6 | 19,125.9 | 17,511.2 | |||||||||||
Net premiums written | 3,727.4 | 3,221.5 | 14,864.5 | 13,835.6 | |||||||||||
Gross premiums earned | 4,791.1 | 4,269.7 | 17,898.8 | 16,611.0 | |||||||||||
Premiums ceded to reinsurers | (1,095.5 | ) | (987.3 | ) | (3,910.1 | ) | (3,381.3 | ) | |||||||
Net premiums earned | 3,695.6 | 3,282.4 | 13,988.7 | 13,229.7 | |||||||||||
Interest and dividends | 164.5 | 207.8 | 769.2 | 880.2 | |||||||||||
Share of profit (loss) of associates | 64.7 | (245.5 | ) | (112.8 | ) | 169.6 | |||||||||
Net gains on investments | 1,235.8 | 640.4 | 313.1 | 1,716.2 | |||||||||||
Gain on deconsolidation of insurance subsidiary | — | — | 117.1 | — | |||||||||||
Other revenue | 1,417.5 | 1,647.9 | 4,719.6 | 5,537.1 | |||||||||||
6,578.1 | 5,533.0 | 19,794.9 | 21,532.8 | ||||||||||||
Expenses | |||||||||||||||
Losses on claims, gross | 3,521.1 | 3,475.6 | 12,234.8 | 11,758.9 | |||||||||||
Losses on claims, ceded to reinsurers | (1,015.9 | ) | (1,311.8 | ) | (2,910.3 | ) | (3,070.8 | ) | |||||||
Losses on claims, net | 2,505.2 | 2,163.8 | 9,324.5 | 8,688.1 | |||||||||||
Operating expenses | 642.8 | 654.7 | 2,536.5 | 2,476.3 | |||||||||||
Commissions, net | 620.7 | 582.0 | 2,355.0 | 2,206.8 | |||||||||||
Interest expense | 117.1 | 117.0 | 475.9 | 472.0 | |||||||||||
Other expenses | 1,455.1 | 1,576.4 | 4,858.9 | 5,456.9 | |||||||||||
5,340.9 | 5,093.9 | 19,550.8 | 19,300.1 | ||||||||||||
Earnings before income taxes | 1,237.2 | 439.1 | 244.1 | 2,232.7 | |||||||||||
Provision for (recovery of) income taxes | 278.8 | (63.6 | ) | 206.7 | 261.5 | ||||||||||
Net earnings | 958.4 | 502.7 | 37.4 | 1,971.2 | |||||||||||
Attributable to: | |||||||||||||||
Shareholders of Fairfax | 909.1 | 672.0 | 218.4 | 2,004.1 | |||||||||||
Non-controlling interests | 49.3 | (169.3 | ) | (181.0 | ) | (32.9 | ) | ||||||||
958.4 | 502.7 | 37.4 | 1,971.2 | ||||||||||||
Net earnings per share | $ | 34.28 | $ | 24.62 | $ | 6.59 | $ | 72.80 | |||||||
Net earnings per diluted share | $ | 32.68 | $ | 23.58 | $ | 6.29 | $ | 69.79 | |||||||
Cash dividends paid per share | $ | — | $ | — | $ | 10.00 | $ | 10.00 | |||||||
Shares outstanding (000) (weighted average) | 26,194 | 26,826 | 26,447 | 26,901 |
Information onCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the fourth quarters and years ended December 31, 2020 and 2019(unaudited - US$ millions)
Fourth quarter | Year ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Net earnings | 958.4 | 502.7 | 37.4 | 1,971.2 | |||||||
Other comprehensive income (loss), net of income taxes | |||||||||||
Items that may be reclassified to net earnings (loss) | |||||||||||
Net unrealized foreign currency translation gains (losses) on foreign operations | 231.2 | 133.2 | (139.7 | ) | 101.4 | ||||||
Losses on hedge of net investment in Canadian subsidiaries | (101.1 | ) | (44.4 | ) | (38.0 | ) | (105.6 | ) | |||
Losses on hedge of net investment in European operations | (37.6 | ) | (9.0 | ) | (75.8 | ) | (35.3 | ) | |||
Share of other comprehensive income (loss) of associates, excluding net losses on defined benefit plans | 66.4 | 24.2 | 67.4 | (37.7 | ) | ||||||
Net unrealized foreign currency translation losses reclassified to net earnings | 26.8 | — | 188.7 | — | |||||||
185.7 | 104.0 | 2.6 | (77.2 | ) | |||||||
Items that will not be reclassified to net earnings (loss) | |||||||||||
Net losses on defined benefit plans | (39.1 | ) | (69.3 | ) | (67.5 | ) | (69.3 | ) | |||
Share of net losses on defined benefit plans of associates | (65.4 | ) | (66.5 | ) | (51.1 | ) | (41.3 | ) | |||
(104.5 | ) | (135.8 | ) | (118.6 | ) | (110.6 | ) | ||||
Other comprehensive income (loss), net of income taxes | 81.2 | (31.8 | ) | (116.0 | ) | (187.8 | ) | ||||
Comprehensive income (loss) | 1,039.6 | 470.9 | (78.6 | ) | 1,783.4 | ||||||
Attributable to: | |||||||||||
Shareholders of Fairfax | 900.3 | 638.3 | 103.0 | 1,857.7 | |||||||
Non-controlling interests | 139.3 | (167.4 | ) | (181.6 | ) | (74.3 | ) | ||||
1,039.6 | 470.9 | (78.6 | ) | 1,783.4 |
SEGMENTED INFORMATION (unaudited - US$ millions)
Gross premiums written, net premiums written and combined ratios for the insurance and reinsurance operations (excluding Run-off) in the fourth quarters and full years ended December 31, 2020 and 2019 were as follows:
Gross Premiums Written
Fourth quarter | Year ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Northbridge | 499.7 | 409.5 | 1,735.2 | 1,521.5 | |||||||
Odyssey Group | 1,270.1 | 1,022.6 | 4,446.7 | 3,816.0 | |||||||
Crum & Forster | 816.5 | 727.0 | 3,109.4 | 2,827.8 | |||||||
Zenith National | 133.5 | 144.1 | 661.7 | 732.7 | |||||||
Brit | 539.5 | 552.5 | 2,424.4 | 2,293.5 | |||||||
Allied World | 1,156.4 | 915.4 | 4,680.7 | 3,860.3 | |||||||
Fairfax Asia | 93.8 | 109.3 | 424.7 | 438.3 | |||||||
Insurance and Reinsurance - Other | 482.7 | 418.8 | 1,874.0 | 1,710.9 | |||||||
Insurance and reinsurance operations | 4,992.2 | 4,299.2 | 19,356.8 | 17,201.0 |
Net Premiums Written
Fourth quarter | Year ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Northbridge | 449.2 | 375.2 | 1,540.4 | 1,350.3 | |||||||
Odyssey Group | 1,020.6 | 883.7 | 3,789.6 | 3,393.8 | |||||||
Crum & Forster | 654.6 | 593.2 | 2,543.0 | 2,331.5 | |||||||
Zenith National | 129.8 | 141.3 | 646.1 | 720.8 | |||||||
Brit | 422.2 | 417.1 | 1,775.6 | 1,656.2 | |||||||
Allied World | 698.9 | 431.4 | 3,017.6 | 2,428.9 | |||||||
Fairfax Asia | 57.1 | 70.0 | 221.6 | 231.2 | |||||||
Insurance and Reinsurance - Other | 294.7 | 298.4 | 1,183.8 | 1,148.4 | |||||||
Insurance and reinsurance operations | 3,727.1 | 3,210.3 | 14,717.7 | 13,261.1 |
Combined Ratios
Fourth quarter | Year ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Northbridge | 89.5 | % | 89.4 | % | 92.4 | % | 96.2 | % | |||
Odyssey Group | 81.9 | % | 99.8 | % | 94.7 | % | 97.2 | % | |||
Crum & Forster | 94.7 | % | 97.4 | % | 97.5 | % | 97.6 | % | |||
Zenith National | 92.9 | % | 90.8 | % | 91.9 | % | 85.2 | % | |||
Brit | 125.8 | % | 91.4 | % | 114.0 | % | 96.9 | % | |||
Allied World | 95.9 | % | 93.6 | % | 95.4 | % | 97.5 | % | |||
Fairfax Asia | 89.2 | % | 95.4 | % | 96.8 | % | 97.0 | % | |||
Insurance and Reinsurance - Other | 101.5 | % | 107.9 | % | 99.5 | % | 101.7 | % | |||
Insurance and reinsurance operations | 95.5 | % | 96.2 | % | 97.8 | % | 96.9 | % |
Prior year reserve development and current period catastrophe and COVID-19 losses of the insurance and reinsurance operations (excluding Run-off) in the fourth quarters and full years ended December 31, 2020 and 2019 were as follows:
Net (Favourable) Adverse Prior Year Reserve Development
Fourth quarter | Year ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Northbridge | (23.9 | ) | (35.2 | ) | (39.2 | ) | (67.1 | ) | |||
Odyssey Group | (128.4 | ) | (144.0 | ) | (219.5 | ) | (229.6 | ) | |||
Crum & Forster | (1.1 | ) | (1.5 | ) | (5.2 | ) | (6.2 | ) | |||
Zenith National | (11.7 | ) | (6.7 | ) | (74.1 | ) | (82.1 | ) | |||
Brit | (20.4 | ) | (36.4 | ) | (62.8 | ) | (46.5 | ) | |||
Allied World | 20.2 | (47.3 | ) | (5.1 | ) | 32.0 | |||||
Fairfax Asia | (5.5 | ) | (7.3 | ) | (18.5 | ) | (28.3 | ) | |||
Insurance and Reinsurance - Other | (8.7 | ) | (16.4 | ) | (30.5 | ) | (52.0 | ) | |||
Insurance and reinsurance operations | (179.5 | ) | (294.8 | ) | (454.9 | ) | (479.8 | ) |
Current Period Catastrophe and COVID-19 Losses
Fourth quarter | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Losses(1) | Combinedratio impact(2) | Losses(1) | Combinedratio impact(2) | Losses(1) | Combinedratio impact(2) | Losses(1) | Combinedratio impact(2) | ||||||||||||||||
Hurricane Laura | 36.4 | 1.0 | — | — | 148.7 | 1.1 | — | — | |||||||||||||||
Hurricane Sally | 59.9 | 1.6 | — | — | 69.9 | 0.5 | — | — | |||||||||||||||
Midwest Derecho | 8.8 | 0.2 | — | — | 55.4 | 0.4 | — | — | |||||||||||||||
Typhoon Hagibis | — | — | 146.0 | 4.5 | — | — | 146.0 | 1.2 | |||||||||||||||
Typhoon Faxai | — | — | 54.7 | 1.7 | — | — | 76.1 | 0.6 | |||||||||||||||
Hurricane Dorian | — | — | (9.3 | ) | (0.3 | ) | — | — | 66.1 | 0.5 | |||||||||||||
Other | 119.4 | 3.3 | 80.1 | 2.4 | 370.3 | 2.7 | 209.6 | 1.7 | |||||||||||||||
Total catastrophe losses | 224.5 | 6.1 | 271.5 | 8.3 | 644.3 | 4.7 | 497.8 | 4.0 | |||||||||||||||
COVID-19 losses | 133.1 | 3.6 | — | — | 668.7 | 4.8 | — | — | |||||||||||||||
357.6 | 9.7 | 271.5 | 8.3 | 1,313.0 | 9.5 | 497.8 | 4.0 |
___________
(1) Net of reinstatement premiums.(2) Expressed in combined ratio points.
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