Fairfax president Rivett retiring; company earns record US$2 billion in 2019

TORONTO — The president of Fairfax Financial Holdings Ltd. is retiring after 17 years with the company.

However, Paul Rivett will remain chairman of certain Fairfax investees, including Recipe Unlimited and Fairfax Africa.

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Chairman and chief executive Prem Watsa says Rivett has been "instrumental in our success."

The announcement came as the holding company involved in property and casualty insurance and reinsurance said it swung to a US$672-million profit in the fourth quarter, compared with a US$477.6 million loss a year earlier. Net premiums increased 5.5 per cent to US$3.2 billion.

For the full year, Fairfax earned a record US$2 billion or US$69.79 per diluted share for the period ended Dec. 31, up from US$376 million or US$11.65 per share in 2018.

This report by The Canadian Press was first published Feb. 13, 2020.

Companies in this story: (TSX:FFH, TSX:RECP)

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