Fairfax Holdings President Steps Down As Company Posts Profit

The president of Fairfax Financial Holdings Ltd.(TSX:FFH) is retiring after 17 years with the company, and leaving on a high note.

Paul Rivett is stepping down as the company’s president but will remain chairman of certain Fairfax investees, including Recipe Unlimited and Fairfax Africa. Chairman and chief executive Prem Watsa said in a news release that Rivett has been "instrumental in our success."

The announcement came as the holding company involved in property and casualty insurance and reinsurance posted a $672-million U.S. profit in the fourth quarter, compared with a $477.6-million U.S. loss a year earlier. Net premiums increased 5.5% to $3.2 billion U.S.

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