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TORONTOFairfax Financial Holdings Ltd. on Friday issued a previously announced restatement of financial results for 2005 and several prior years, resulting in a cumulative decrease in shareholders' equity of $261.7 million as of Dec. 31, 2005.
The restatement, which Toronto-based Fairfax said was necessitated by an accounts review related to the planned commutation of a $1 billion reinsurance contract with Swiss Reinsurance Co. and other accounting issues, had the net effect of: decreasing Fairfax's net loss for 2005 by $51.3 million, to a $446.6 million loss; reducing its 2004 net loss by $72.9 million, leading to a $53.1 million profit; and boosting 2003 net earnings by $18.6 million, to a $288.6 million profit, among other changes.