July 31, 2009 / 1:21 PM / 9 years ago

Fairfax sees insurance market turning corner in '09

TORONTO, July 31 (Reuters) - Fairfax Financial Holdings Ltd (FFH.TO) said on Friday it expects the insurance market to turn a corner this year and believes its book value will be “up significantly” in five years.

    Speaking during a conference call the morning after Fairfax reported a surge in second-quarter profit, Chief Executive Prem Watsa said he sees excellent values in stocks in bonds even though the economy was in a “long and deep” recession.

    A decision by Fairfax to bet heavily on a stock market rebound in the second quarter paid off handsomely for the Toronto-based insurance holding company. (Reporting by Andrea Hopkins; writing by Frank McGurty; Editing by Derek Caney)

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