The Crum & Forster companies are wholly owned subsidiaries of Crum & Forster Holdings Corp., which is a wholly owned subsidiary of Fairfax Financial Holdings Limited (Toronto: FFH.TO).
Fairfax Financial Holdings Limited is a financial services holding company whose corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Click here for Fairfax’s Annual Reports.
Crum & Forster Holdings Corp.
(US$ in Millions; IFRS Basis unless otherwise noted)
| Three Months Ended 03/31/20221 | Three Months Ended 03/31/20211 | Year Ended 12/31/2021 | |
|---|---|---|---|
| Gross Premiums Written | $1,045.8 | $804.5 | $3,729.6 |
| Net Income (Loss) | $6.8 | $92.2 | $327.6 |
| Combined Ratio | 94.8% | 99.3% | 95.9% |
| As of 03/31/20221 | As of 03/31/20211 | As of 12/31/2021 | |
|---|---|---|---|
| Shareholder’s Equity | $2,359.5 | $2,206.3 | $2,455.1 |
| Statutory Surplus | $1,787.7 | $1,730.2 | $1,853.3 |
1 Unaudited
Definitions
IFRS – International Financial Reporting Standards.
Shareholder’s Equity – A firm’s total assets minus its total liabilities.
Gross Premiums Written – Premiums registered on the books at the time a policy is issued on a gross basis (before deductions of costs, such as reinsurance).
Net Income – Net (loss) income is calculated by taking revenues and adjusting for the cost of doing business, interest, taxes and other expenses.
Combined Ratio – The sum of two ratios: loss ratio and LAE ratio is calculated by dividing incurred losses plus loss adjustment expense (LAE) by premiums earned (the calendar year loss ratio); and expense ratio is calculated by dividing underwriting expenses by premiums written.
Statutory Surplus – An insurance company’s total assets minus its total liabilities, both computed under accounting principles prescribed or permitted by state insurance regulatory authorities.
Total Investments & Cash $5.7 Billion at 03/31/2022
- High quality portfolio with ample liquidity.
- Duration of bond portfolio is 3 years (including cash, cash equivalents and short-term investments).
- Securities rated ‘A’ or higher make up 68% of our fixed income portfolio.
Financial Strength Ratings
| AM Best | S&P | |
|---|---|---|
| United States Fire Insurance Company | A | A- |
| The North River Insurance Company | A | A- |
| First Mercury Insurance Company | A | A- |
| Crum and Forster Insurance Company | A | A- |
| Crum & Forster Indemnity Company | A | A- |
| Crum & Forster Specialty Insurance Company | A | A- |
| Seneca Insurance Company, Inc. | A | A- |
| Seneca Specialty Insurance Company | A | A- |
| American Underwriters Insurance Company | A | A- |
United States Fire Insurance Company, The North River Insurance Company, First Mercury Insurance Company, Crum and Forster Insurance Company, Crum & Forster Indemnity Company, Crum & Forster Specialty Insurance Company, Seneca Insurance Company, Inc., Seneca Specialty Insurance Company, and American Underwriters Insurance Company are rated “A” (Excellent) with a Stable outlook by AM Best Company and share a Financial Size Category of Class XIV. The same companies are rated “A-” (Strong) with a Positive outlook by Standard & Poor’s.