Financial Highlights

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)
Nine Months
Ended 09/30/20181
Three Months
Ended 09/30/20181
Nine Months
Ended 09/30/2017
Three Months
Ended 09/30/2017
Year Ended
Gross Premiums Written $1,804.9 $614.7 $1,625.7 $557.1 $2,174.5
Net Income (Loss) $59.3 $57.8 $5.4 $38.0 ($65.6)
Combined Ratio 98.8% 98.1% 100.9% 103.8% 99.8%
As of 09/30/20181 As of 09/30/20181 As of 09/30/2017 As of 09/30/2017 As of 12/31/2017
Shareholder’s Equity $1,655.5 $1,655.5 $1,648.1 $1,648.1 $1,576.1
Statutory Surplus $1,340.3 $1,340.3 $1,241.4 $1,241.4 $1,300.5
1 Unaudited


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.


Investment Portfolio

Total Investments & Cash $4.2 Billion at 09/30/2018


  • 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 85% of our fixed income portfolio
  • Approximately 36% of municipal bonds are insured by Berkshire Hathaway Assurance Corp.
  • Equity exposure is significantly hedged
  • No commercial paper, auction rate securities or securities lending


Financial Strength Ratings

A.M. 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 A.M. Best Company and share a Financial Size Category of Class XIII. The same companies are rated “A-” (Strong) with a stable outlook by Standard & Poor’s.