Fairfax Financial Holdings Ltd. said it is donating $1 million toward relief and recovery involving the recent floods in Kerala, India.

The donation will be primarily through the Red Cross.

Prem Watsa, chairman and chief executive officer of Fairfax, said in a statement that the company “wants to stand among all those individuals and companies who are extending themselves to provide support to the people of Kerala.

“The extent of the devastation in Kerala, and the damage to the property and lives of the people of Kerala, is almost beyond comprehension,” Watsa said.

Fairfax is a holding whose subsidiaries handle property/casualty insurance and reinsurance and investment management.

The company recently disclosed $63.1 million in net income for the 2018 second quarter versus $311.6 million over the same period the previous year.

Fairfax blamed the results on $58.2 million in net losses on investments compared to a $205.1 million net gain on investments in the 2017 second quarter.

Fairfax’s 2018 second-quarter combined ratio for its insurance and reinsurance operations was 96.1 compared to 94.9 a year ago.

Source: Fairfax Financial Holdings Ltd.

Topics Flood