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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "The chart shows a clear spike in the combined ratio in 2017, followed by a higher baseline in 2018-2020 compared to 2013-2016.",
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      "text": "We believe this underperformance pressured Fairfax into becoming aggressive in pulling accounting levers starting in 2018.",
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      "text": "FFH Combined Ratio by Year",
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      "text": "Allied World grew FFH assets and liabilities by over 40%. Even after the catastrophes of 2017, insurance business profitability has lagged since the acquisition. The Combined Ratio averaged 97.3 from 2018-2020, versus 91.5 from 2013-2016. We believe this underperformance pressured Fairfax into becoming aggressive in pulling accounting levers starting in 2018.",
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      "text": "1 Combined Ratio source: S&P CapitalIQ.",
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      "text": "Acquiring Allied World in 2017 Seemingly Put Financial Pressure on Fairfax's Insurance Operations",
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