In this review I primarily want to talk about HCC Insurance Holdings (HCC) and the offer from Fairfax Financial Holdings (Fairfax) to take over Blackberry. The last time I really wrote about insurance company HCC was just over a year ago. The topic of discussion were the results and their strength in underwriting. They manage to structurally make an underwriting profit. Not every insurer can manage that. Most of them have to compensate an underwriting loss with a return on their investments, while HCC can add their return on investments to their underwriting profit. A great position to be in.
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