Canadian company Fairfax Financial Holdings recorded gross written premium (GWP) of $US2.61 billion ($3.49 billion) in the first quarter, up from $US2.34 billion ($3.13 billion) in the corresponding period last year.

The company is engaged in the property and casualty and reinsurance business, and has been expanding its global insurance footprint.

 “Our insurance companies continued to have excellent underwriting performance in the first quarter… all of our insurance companies again had combined operating ratios less than 100%,” Chairman and CEO Prem Watsa said.

Net written premium grew 12% to $US2.27 billion ($3.03 billion), while the combined operating ratio for insurance and reinsurance weakened to 94.6% from 93.1%.

Fairfax turned profitable in the March quarter, with a net income of $US82.6 million ($110.32 million), compared with a $US51 million loss ($68.11 million) in the corresponding period last year.

It is finalising its $US4.9 billion ($6.54 billion) purchase of Swiss (re)insurer Allied World and competing with Suncorp to buy New Zealand insurer Tower.

Last year it bought Zurich’s operations in South Africa and Botswana and AIG’s business in Latin America and Turkey. Fairfax also has a presence in Australia via subsidiary Odyssey Re, which owns underwriting agency Newline.