Fairfax Financial rebounds to profit on investments

Thu Feb 14, 2013 5:21pm EST
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TORONTO Feb 14 (Reuters) - Fairfax Financial, the Canadian property and casualty insurer run by investment guru Prem Watsa, said on Thursday it rebounded to a fourth-quarter profit from a year-before loss, due to investment gains.

The Toronto-based company earned $404.1 million, or $18.90 a share, in the fourth quarter. That compared with a year-before loss of $771.5 million, or $38.47 a share, when the company took a hedging-related charge.

Analysts had expected a profit of $8.90 a share, according to Thomson Reuters I/B/E/S.