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BULLETIN: Fairfax Financial Holdings Unaffected By C$73.7M Northbridge Financial Charge In Q2
Standard & Poors, July 2006
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) July 21, 2006--Standard & Poor's Rating Services said today that its ratings on Fairfax Financial Holdings Ltd. (Fairfax; BB/Stable/--) and Commonwealth Insurance Co. (Commonwealth), Federated Insurance Co. of Canada (Federated), Lombard General Insurance Co. of Canada (Lombard), and Markel Insurance Co. of Canada (Markel), the operating subsidiaries of Northbridge Financial Corp. (collectively Northbridge; each operating unit is rated BBB/Stable/--) are unaffected by Commonwealth's estimated C$73.7 million net charge due to additional development on its marine losses relating to Hurricanes Katrina, Rita, and Wilma. Northbridge's capital adequacy is strong and operating performance is supported by Federated, Markel, and Lombard performing at strong levels in 2006. Northbridge is expected to reduce premiums and lower volatility related to...
Companies mentioned in this report are: Fairfax Financial Holdings Ltd.,Commonwealth Insurance Co.,Lombard General Insurance Co. of Canada,Markel Insurance Co of Canada,Federated Insurance Co. of Canada
Action: Bulletin
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