Fairfax jumps back into the black in 2010 Q1

Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a 2010 Q1 net income of $290.2 million, marking a huge improvement from the loss of $39.6 million reported in 2009 Q1.The year-over-year increase in earnings arose primarily from net investment gains of $415.6 million in 2010 Q1, a Fairfax release says.Northbridge, Fairfax’s Canadian commercial insurer, reported $197.8 million of net premiums written in 2010 Q1, an increase from 2009 Q1’s $187.7 million.Northbridge’s combined ratio increased quarter-over-quarter from 101.8% in 2009 Q1 to 105.2% in 2010 Q1.Odyssey Re, Fairfax’s reinsurance unit, reported a decrease in net premiums written, from $479 million in 2009 Q1 to $473.2 million in 2010 Q1.Odyssey Re’s combined ratio also deteriorated, from 96.5% in 2009 Q1 to 113.0% in 2010 Q1.