Fairfax Financial Holdings Ltd.

Overview

Date Founded

1951

Headquarters

95 Wellington Street West, Suite 800, Toronto, ON, M5J 2N7, CAN

Type of Company

Public

Employees (Worldwide)

44K

Industries

Reinsurance
Private Equity & Venture Capital
Other Insurance Services
Insurance Brokerage
Holding Companies
Accounting & Financial Services
Insurance: Property & Casualty

Company Description

Fairfax Financial Holdings Limited is a holding company whose corporate objective is to achieve a high rate of return on invested capital and build long term shareholder value. The company has been under present management since September 1985.

Website

http://www.fairfax.ca

In The News

SNL Financial

March 3, 2021

Fairfax India completes offering of senior notes due 2028

Nasdaq

December 29, 2020

Fairfax Financial Holdings' Preferred Shares, Series E, Cross 4% Yield Mark

News Bites Canadian Markets

December 24, 2020

Stock Weekly: Fairfax Financial Holdings (FFH.PR.D:CAD15.20) decreases 0.8% on firm volume

News Bites Canadian Markets

December 24, 2020

Stock Weekly: Avante Logixx (XX:CAD1.45) tumbles 9.4% on weak volume

News Bites Canadian Markets

December 24, 2020

Stock Weekly: Fairfax Financial Holdings Limited Cumulative 5-Year Rate Reset Preferred Shares Series I (FFH.PR.I:CAD14.14) falls for a third consecutive week, a three-week fall of 5.0%

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Executives & Employees

Prem Watsa

Founder

Jennifer Allen

Vice President & Chief Financial Officer

Peter Clarke

Vice President & Chief Operating Officer

Ramaswamy Athappan

Chairman & Chief Executive Officer, Fairfax Asia Ltd

Brian Delisser Young

President, Odyssey Re Holdings Corp

Roger Lace

President, Hamblin Watsa Investment Counsel Ltd

Ronald Schokking

Treasurer & Vice President

Olivier Quesnel

Vice President & Chief Actuary

Mike Wallace

Vice President

Jean Cloutier

Vice President, International Operations

Board of Directors

Prem Watsa

Founder at Fairfax Financial Holdings Ltd.

Brandon Sweitzer

Affiliate Partner at Lindsay Goldberg, LLC

David Johnston

Executive Advisor at Deloitte LLP

Benjamin P. Watsa

Portfolio Manager at Ontario Securities Commission

Timothy Price

Chairman, Brookfield Funds at Brookfield Asset Management, Inc.

R. William McFarland

Chief Inclusion Officer at PricewaterhouseCoopers LLP (Canada)

Karen Jurjevich

Member-Governors Board & Principal at Branksome Hall

William C. Weldon

Associate at Janssen Pharmaceuticals, Inc.

Christine N. McLean

Director of Research at Sprucegrove Investment Management Ltd.

Lauren C. Templeton

Founder at Templeton & Phillips Capital Management LLC

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Fairfax Financial Holdings Ltd.

Owners & Shareholders

Details Hidden

CI Global Asset Management

CI Investments offers an array of mutual funds, including over 90 core funds. These funds include a range of portfolio managers who cover the full spectrum of investment styles and strategies focusing on various regions, asset classes and industries. Rather than offering just one investment style, the firm has engaged leading money managers in all disciplines: value, blend (growth at a reasonable price) and growth. CI Investments believe that their approach to responsible investing is aligned with the six principles that comprise the United Nations Principles for Responsible Investing.

Details Hidden

Findlay Park Partners LLP

FPP is a value-oriented manager which aims to generate compelling compound returns for their investor by taking less risk. Through their Findlay Park American Fund, the firm generally seeks to invest in businesses that generate strong free cash flows and management teams that are effective allocators of capital. The fund aims to achieve capital growth principally through investment in the securities of companies in the Americas. The fund seeks to achieve a return above the performance of the Russell 1000 Net 30% Total Return Index. FPP invests the fund in the following sectors: Information Technology, Financials, Health Care, Communication Services, Materials, Industrials, Consumer Discretionary, Energy, Consumer Staples, and Cash & Fixed Interest.

Details Hidden

EdgePoint Investment Group, Inc.

EdgePoint Investment Group seeks to buy growth companies at value prices and makes long-term investments viewing stock as an ownership interest in a company and seeking to acquire these ownership stakes at prices below their assessment of their true worth. The firm focuses on companies with strong competitive positions, defendable barriers to entry and long-term growth prospects that are run by competent management teams. These holdings generally reflect their views looking out more than five years. EdgePoint Investment Group buys good, undervalued businesses and holds them until the market fully recognizes their potential. They sell a security for one of two reasons: (1) if their thesis about the company is deemed no longer valid. If the firm can no longer stand behind their thesis, they can no longer stand behind an ownership interest in the business and the position is sold; and (2) there's a constant culling process whereby they continuously strive to upgrade the quality of their portfolios with better ideas. For fixed income investments, the firm looks for securities that provide an attractive return through coupon payments and/or capital appreciation while focusing on the borrower's (or bond issuer's) ability to meet its debt obligations through the payment of periodic coupons and the return of the original principal at maturity.

Recent Transactions

Details Hidden

Helios Investment Partners LLP purchases Helios Fairfax Partners Corp. from Fairfax Financial Holdings Ltd.

Details Hidden

Fairfax Financial Holdings Ltd., RiverStone Management Ltd. purchase Assuranceforeningen Skuld/ Underwriting Buss from Assuranceforeningen SKULD (Gjensidig)

Details Hidden

OMERS Administration Corp., Ontario Municipal Employees Retirement System purchase RiverStone Management Ltd. from Fairfax Financial Holdings Ltd.

Transaction Advisors

Legal Advisor

Shearman & Sterling LLP

Advised onFairfax Financial Holdings Ltd., Allied World Assurance Co. Holdings AG /Private Group purchase Allied World Assurance Company Holdings AG

Legal Advisor

Torys LLP

Advised onFairfax Financial Holdings Ltd., Allied World Assurance Co. Holdings AG /Private Group purchase Allied World Assurance Company Holdings AG

Legal Advisor

AZB & Partners

Advised onBangalore International Airport Ltd. /Private Group purchases Bangalore International Airport Ltd. from Siemens Project Ventures GmbH, Bangalore Airport & Infrastructure Developers Pvt Ltd.

Legal Advisor

David A. Chaikof

Advised onFairfax Financial Holdings Ltd., Allied World Assurance Co. Holdings AG /Private Group purchase Allied World Assurance Company Holdings AG

Counsel

Thomas H. Yeo

Advised onFairfax Financial Holdings Ltd., Allied World Assurance Co. Holdings AG /Private Group purchase Allied World Assurance Company Holdings AG

Attorney

Adam M. Givertz

Advised onFairfax Financial Holdings Ltd. purchases Zenith National Insurance Corp.

Advisors & Consultants

Legal Advisor

Michael D. Bopp

Chair, Congressional Investigations Subgroup at Gibson, Dunn & Crutcher LLP

Advisor

John S. Scheid

Chief Executive Officer at Scheid Investment Group LLC

Advisor

Adam M. Givertz

Partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP

Clients

Alleghany Corp.

Alleghany Corp. engages in the provision of property, casualty reinsurance, insurance and financial services. It operates its through the Reinsurance and Insurance segments. The Reinsurance segment consists of property and casualty and other reinsurance operations. The Insurance segment consists of property and casualty insurance operations. The company was founded by Oris Paxton Van Sweringen and Mantis James Van Sweringen in 1929 and is headquartered in New York, NY.

Markel Corp.

Markel Corporation (MKL-NYSE) is a diverse financial holding company serving a variety of niche markets. Our principal business markets and underwrites specialty insurance products. In each of our businesses, we seek to provide quality products and excellent customer service so that we can be a market leader. Our financial goals are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. To reach our financial and operational goals, we must have extensive knowledge and expertise in our chosen markets. By focusing on the distinctive risk characteristics of our insureds, we have been able to identify a variety of niche markets where we can add value with our specialty product offerings. Examples of niche markets that we have targeted include: wind and earthquake exposed commercial properties, liability coverage for highly specialized professionals, horse mortality and other horse related risks, personal watercrafts, high-valued motorcycles, aviation and energy related activities. Our market strategy in each of these areas of specialization is tailored to the unique nature of the risk, coverage and services required by insureds. In each of our niche markets, we assign teams of experienced underwriters and claims specialists who can provide a full range of insurance services. By focusing on market niches where we have underwriting expertise, we seek to earn consistent underwriting profits. Underwriting profits are a key component of our strategy. We believe that the ability to achieve consistent underwriting profits demonstrates knowledge and expertise, commitment to superior customer service and the ability to manage insurance risk.

United Fire Group, Inc.

United Fire Group, Inc. is a holding company, which engages in the business of writing property, casualty insurance, life insurance, and selling annuities through a network of independent agencies. It offers insurance protection for businesses and individuals through a select group of independent insurance agents. The company was founded in January 1946 and is headquartered in Cedar Rapids, IA.

Key Stats and Financials As of 2020

Market Capitalization

$11.6B

Total Enterprise Value

$22.4B

Earnings Per Share

$8.54

Enterprise Value / Sales

1.16x

TEVNet Income

99.27x

Debt TEV

0.39x

Three Year Compounded Annual Growth Rate Of Revenue

11.89%

Revenue

$19.4B

Net Profit

$226M

Total Equity

$17.2B

Total Debt

$8.66B

Non-Profit Donations & Grants

$1,000 - $4,999

2017

Multiple Sclerosis Society of Canada

$10K +

2015

Douglas College Foundation

$1,000 - $2,499

2014

Douglas College Foundation

Investments

Details Hidden

Cunningham Lindsey Group Ltd.

Cunningham Lindsey Group Ltd. provides loss adjusting and claim management services. Its services include building consulting, catastrophe response, engineering, environmental and fire, forensic advisory, general los adjusting, global specialty markets, knowledge and skills development, major and complex loss adjusting, and repair relationship and mitigations solutions. The company was founded by Manley B. Morden and Norman W. Helwig in 1929 and is headquartered in Tampa, FL.

Details Hidden

Diamond S Shipping Group, Inc.

Diamond S Shipping Group, Inc. engages in the provision of seaborne transportation of refined petroleum and other products. The company was founded by Craig H. Stevenson, Jr. in 2007 and is headquartered in Greenwich, CT.

Details Hidden

APR Energy Ltd.

APR Energy Ltd. operates as a holding company. It engages in the sale of electricity through global deployment and installation of scalable turnkey power solutions. The firm applications include peak shaving, emergency power, distributed generation, grid stability, support, bridging power and industrial generation. The company was founded on October 30, 2009 and is headquartered in London, the United Kingdom.

Investors

Details Hidden

Brian H. McGrath

Co-Founder at Sporting Life, Inc. (Canada)

Suppliers

AIG Other Insurance Services | Washington, DC

American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG traces its root to 1919, when American Cornelius Vander Starr established a general insurance agency, American Asiatic Underwriters, in Shanghai, China. Since then, an enterprising spirit, ingenuity, and tenacity have built the company into one of the world’s leading insurers. Today, AIG is focused on what it has been known for since the beginning: the willingness and ability to provide insurance coverage to meet the diverse needs of its clients.

Berkshire Hathaway, Inc. Insurance: Property & Casualty | Greenwich, Connecticut

Berkshire Hathaway, Inc. provides property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing, and services. It operates through following segments: GEICO, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, Burlington Northern Santa Fe, LLC (BNSF), Berkshire Hathaway Energy, McLane Company, Manufacturing, and Service and Retailing. The GEICO segments involves in underwriting private passenger automobile insurance mainly by direct response methods. The Berkshire Hathaway Reinsurance Group segment consists of underwriting excess-of-loss and quota-share and facultative reinsurance worldwide. The Berkshire Hathaway Primary Group segment comprises of underwriting multiple lines of property and casualty insurance policies for primarily commercial accounts. The BNSF segment operates railroad systems in North America. The Berkshire Hathaway Energy segments deals with regulated electric and gas utility, including power generation and distribution activities, and real estate brokerage activities. The McLane Company segment offers wholesale distribution of groceries and non-food items. The Manufacturing segment includes industrial and end-user products, building products, and apparel. The Service and Retailing segment provides fractional aircraft ownership programs, aviation pilot training, electronic components distribution, and various retailing businesses, including automobile dealerships, and trailer and furniture leasing. The company was founded by Oliver Chace in 1839 and is headquartered in Omaha, NE.

QBE Insurance Group Ltd. Other Insurance Services | Sydney, Australia

QBE Insurance Group Ltd. is a general insurance and reinsurance company. It underwrites general insurance and reinsurance risks and also provides investment management. It operates through the following segments: North America, International, and Australia Pacific. The company was founded in 1973 and is headquartered in Sydney, Australia.

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