Fairfax Financial Holdings Limited Management Discusses Q4 2012 Results - Earnings Call Transcript

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Fairfax Financial Holdings Limited (OTCPK:FRFHF) 2012 Earnings Call February 15, 2013 8:30 AM ET

Executives

Paul C. Rivett - Vice President of Operations

V. Prem Watsa - Chairman and Chief Executive Officer

David Bonham - Chief Financial Officer

Analysts

Paul Holden - CIBC World Markets Inc., Research Division

Tom MacKinnon - BMO Capital Markets Canada

Mark A. Dwelle - RBC Capital Markets, LLC, Research Division

Howard Flinker

Tim Piechowski - Alpine Investment Management, LLC

Operator

Good morning, and welcome to Fairfax' 2012 Year-End Results Conference Call. [Operator Instructions] Today's call is being recorded. If you have any objections, you may disconnect at this time. Your host for today's call is Prem Watsa, with opening remarks from Mr. Paul Rivett. Sir, you may begin.

Paul C. Rivett

Thank you, Catherine. Good morning, and welcome to our call to discuss Fairfax' 2012 year-end results. This call may include forward-looking statements. Actual results may differ perhaps materially from those contained in such forward-looking statements as a result of a variety of uncertainties and risk factors, the most foreseeable of which are set out under Risk Factors in our Base Shelf Prospectus filed with Canadian securities regulators.

Now I'll now turn the call over to our Chairman and CEO, Prem Watsa.

V. Prem Watsa

Thank you, Paul. Good morning, ladies and gentlemen. Welcome to Fairfax' Year-End Conference Call. I plan to give you the highlights and then pass it on to Dave Bonham, our CFO, for additional financial results.

Our book value per share increased by about 6.5% in 2012 to $378.10 per share from $364.55 a share at the end of December 2011 after we adjust for the $10 per share dividend that we paid in the first quarter of 2012.

We returned to profitable underwriting in 2012, notwithstanding $261 million losses from Hurricane Sandy

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