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TORONTO - Shares of insurance company Fairfax Financial surged by almost 18 per cent Friday, one day after the company reported a steep third-quarter loss caused by the four hurricanes that swept through Florida this fall.
Fairfax shares were up $27.02 to close at $179.99.
Fairfax said it lost $108.9 million US ($8.08 US per share) in Q3, compared to a loss of $23.4 million ($2.32 US per share) last year.
It blamed hurricanes Charley, Frances, Ivan and Jeanne.
"All of the hurricane losses were recorded within Fairfax's insurance and reinsurance companies, primarily OdysseyRe and Crum & Forster," the company said in a release.
"These losses have not adversely affected the capital adequacy of any of these companies and will not require the provision of any funds by the holding company," it said.
Total revenue grew 21 per cent to $1.42 billion US.
The company also announced plans to raise $300 million US through a new issue.
Source: CBC News
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