Latest news with #FairfaxFinancial
National Post
22-05-2025
- Business
- National Post
AM Best Upgrades Credit Ratings of Fairfax Financial Holdings Limited, Its Subsidiaries and Allied World Assurance Company Holdings, Ltd.
Article content OLDWICK, N.J. — has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to 'a-' (Excellent) from 'bbb+' (Good) and upgraded the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. In addition, AM Best has upgraded the Long-Term ICRs to 'a-' (Excellent) from 'bbb+' (Good) of Fairfax (US) Inc. (Delaware) and Zenith National Insurance Corp. (headquartered in Woodland Hills, CA), both of which are indirectly, wholly owned downstream holding companies of Fairfax. The outlook of these Credit Ratings (ratings) has been revised to stable from positive. (See below for a detailed listing of Long-Term IRs.) Article content Article content Fairfax's rating upgrades reflect the group's improved earnings in recent years and prospectively. In 2022, Fairfax deployed significant cash assets into higher-yielding fixed-income instruments, which bolstered reliable streams of dividend and interest income. At the same time, the group's underwriting performance recorded record profits despite elevated catastrophe activity. These enhanced returns have allowed the group to grow its capital base and further expand its projected run-rate for operating earnings in future cycles. Article content At the same time, AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term ICRs to 'aa-' (Superior) from 'a+' (Excellent) of the operating affiliates of Allied World Assurance Company Holdings, Ltd.'s (Allied World Holdings) (Bermuda), collectively referred to as Allied World. Concurrently, AM Best has upgraded the Long-Term ICRs to 'a-' (Excellent) from 'bbb+' (Good) of Allied World Holdings and its downstream holding company, Allied World Assurance Company Holdings I, Ltd (Bermuda). AM Best also has revised the outlooks to stable from positive. (See below for a detailed listing of the companies and ratings.) Article content The ratings of Allied World reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. Article content Allied World's rating upgrades stem from a revision of the operating performance assessment to strong from adequate. Allied World has benefited from improved underwriting ratios, as well as stronger streams of dividend and interest income in recent years. AM Best views Allied World's solid recent and prospective underwriting results as reflective of sound cycle management strategies that have reduced volatility, while at the same time steadily increasing underwriting income. Article content The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICRs to 'aa-' (Superior) from 'a+' (Excellent) with the outlooks revised to stable from positive for the following operating subsidiaries of Allied World Assurance Company Holdings, Ltd: Article content Vantapro Specialty Insurance Company Allied World Assurance Company, Ltd Allied World Surplus Lines Insurance Company Allied World Assurance Company (U.S.) Inc. Allied World National Assurance Company Allied World Specialty Insurance Company Allied World Insurance Company Allied World Assurance Company (Europe) Designated Activity Company Article content The following Long-Term IRs have been assigned with stable outlooks: Article content Fairfax Financial Holdings Limited— Article content — 'a-' (Excellent) on USD 400 million 6.50% senior unsecured notes, due 2055 Article content The following Long-Term IRs have been upgraded with the outlooks revised to stable from positive: Article content Zenith National Insurance Corp.— Article content — to 'bbb+' (Good) from 'bbb' (Good) on USD 77.3 million 8.55% subordinated deferrable debentures, due 2028 Article content Fairfax Financial Holdings Limited— Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 125 million 8.3% senior unsecured notes, due 2026 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on CAD 450 million 4.7% senior unsecured notes, due 2026 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on CAD 650 million 4.25% senior unsecured notes, due 2027 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on EUR 750 million 2.75% senior unsecured notes, due 2028 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 600 million 4.85% senior unsecured notes, due 2028 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on CAD 500 million 4.23% senior unsecured notes, due 2029 Article content — to 'a-' (Excellent) from bbb+' (Good) on USD 650 million 4.625% senior unsecured notes, due 2030 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 600 million 3.375% senior unsecured notes, due 2031 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on CAD 850 million 3.95% senior unsecured notes, due 2031 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 750 million 5.625% senior unsecured notes, due 2032 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 750 million 6% senior unsecured notes, due 2033 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on CAD 450 million 4.73% senior unsecured notes, due 2034 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 125 million 7.75% senior unsecured notes, due 2037 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 1 billion 6.35% senior unsecured notes, due 2054 Article content — to 'a-' (Excellent) from 'bbb+' Good) on CAD 250 million 5.23% senior unsecured notes, due 2054 Article content — to 'a-' (Excellent) from 'bbb+' (Good) on USD 600 million 6.1 % senior unsecured notes, due 2055 Article content — to 'bbb' (Good) from 'bbb-' (Good) on CAD 193.0 million Series G cumulative, five-year rate reset preferred shares Article content — to 'bbb' (Good) from 'bbb-' (Good) on CAD 57.0 million Series H cumulative, floating rate preferred shares Article content — to 'bbb' (Good) from 'bbb-' (Good) on CAD 260.5 million Series I cumulative, five-year rate reset preferred shares Article content — to 'bbb' (Good) from 'bbb-' (Good) on CAD 39.5 million Series J cumulative, floating rate preferred shares Article content — to 'bbb' (Good) from 'bbb-' (Good) on CAD 237.5 million Series K cumulative, five-year rate reset preferred shares Article content The following indicative Long-Term IRs on securities available on the universal shelf registration have been affirmed with the outlooks revised to stable from positive: Article content Fairfax Financial Holdings Limited— — to 'a-' (Excellent) from 'bbb+' (Good) on senior unsecured debt Article content — to 'bbb+' (Good) from 'bbb' (Good) on subordinated debt Article content — to 'bbb' (Good) from 'bbb-' (Good) on preferred shares Article content This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. Article content Article content Article content Article content Article content Contacts Article content Dan Hofmeister, CFA, FRM, CPCU Associate Director +1 908 882 1893 Article content Gregory Dickerson Director +1 908 882 1737 Article content Article content Article content
Yahoo
22-05-2025
- Business
- Yahoo
AM Best Upgrades Credit Ratings of Fairfax Financial Holdings Limited, Its Subsidiaries and Allied World Assurance Company Holdings, Ltd.
OLDWICK, N.J., May 22, 2025--(BUSINESS WIRE)--AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "a-" (Excellent) from "bbb+" (Good) and upgraded the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. In addition, AM Best has upgraded the Long-Term ICRs to "a-" (Excellent) from "bbb+" (Good) of Fairfax (US) Inc. (Delaware) and Zenith National Insurance Corp. (headquartered in Woodland Hills, CA), both of which are indirectly, wholly owned downstream holding companies of Fairfax. The outlook of these Credit Ratings (ratings) has been revised to stable from positive. (See below for a detailed listing of Long-Term IRs.) Fairfax's rating upgrades reflect the group's improved earnings in recent years and prospectively. In 2022, Fairfax deployed significant cash assets into higher-yielding fixed-income instruments, which bolstered reliable streams of dividend and interest income. At the same time, the group's underwriting performance recorded record profits despite elevated catastrophe activity. These enhanced returns have allowed the group to grow its capital base and further expand its projected run-rate for operating earnings in future cycles. At the same time, AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term ICRs to "aa-" (Superior) from "a+" (Excellent) of the operating affiliates of Allied World Assurance Company Holdings, Ltd.'s (Allied World Holdings) (Bermuda), collectively referred to as Allied World. Concurrently, AM Best has upgraded the Long-Term ICRs to "a-" (Excellent) from "bbb+" (Good) of Allied World Holdings and its downstream holding company, Allied World Assurance Company Holdings I, Ltd (Bermuda). AM Best also has revised the outlooks to stable from positive. (See below for a detailed listing of the companies and ratings.) The ratings of Allied World reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. Allied World's rating upgrades stem from a revision of the operating performance assessment to strong from adequate. Allied World has benefited from improved underwriting ratios, as well as stronger streams of dividend and interest income in recent years. AM Best views Allied World's solid recent and prospective underwriting results as reflective of sound cycle management strategies that have reduced volatility, while at the same time steadily increasing underwriting income. The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICRs to "aa-" (Superior) from "a+" (Excellent) with the outlooks revised to stable from positive for the following operating subsidiaries of Allied World Assurance Company Holdings, Ltd: Vantapro Specialty Insurance Company Allied World Assurance Company, Ltd Allied World Surplus Lines Insurance Company Allied World Assurance Company (U.S.) Inc. Allied World National Assurance Company Allied World Specialty Insurance Company Allied World Insurance Company Allied World Assurance Company (Europe) Designated Activity Company The following Long-Term IRs have been assigned with stable outlooks: Fairfax Financial Holdings Limited— -- "a-" (Excellent) on USD 500 million 5.75% senior unsecured notes, due 2035 -- "a-" (Excellent) on USD 400 million 6.50% senior unsecured notes, due 2055 The following Long-Term IRs have been upgraded with the outlooks revised to stable from positive: Zenith National Insurance Corp.— -- to "bbb+" (Good) from "bbb" (Good) on USD 77.3 million 8.55% subordinated deferrable debentures, due 2028 Fairfax Financial Holdings Limited— -- to "a-" (Excellent) from "bbb+" (Good) on USD 125 million 8.3% senior unsecured notes, due 2026 -- to "a-" (Excellent) from "bbb+" (Good) on CAD 450 million 4.7% senior unsecured notes, due 2026 -- to "a-" (Excellent) from "bbb+" (Good) on CAD 650 million 4.25% senior unsecured notes, due 2027 -- to "a-" (Excellent) from "bbb+" (Good) on EUR 750 million 2.75% senior unsecured notes, due 2028 -- to "a-" (Excellent) from "bbb+" (Good) on USD 600 million 4.85% senior unsecured notes, due 2028 -- to "a-" (Excellent) from "bbb+" (Good) on CAD 500 million 4.23% senior unsecured notes, due 2029 -- to "a-" (Excellent) from bbb+" (Good) on USD 650 million 4.625% senior unsecured notes, due 2030 -- to "a-" (Excellent) from "bbb+" (Good) on USD 600 million 3.375% senior unsecured notes, due 2031 -- to "a-" (Excellent) from "bbb+" (Good) on CAD 850 million 3.95% senior unsecured notes, due 2031 -- to "a-" (Excellent) from "bbb+" (Good) on USD 750 million 5.625% senior unsecured notes, due 2032 -- to "a-" (Excellent) from "bbb+" (Good) on USD 750 million 6% senior unsecured notes, due 2033 -- to "a-" (Excellent) from "bbb+" (Good) on CAD 450 million 4.73% senior unsecured notes, due 2034 -- to "a-" (Excellent) from "bbb+" (Good) on USD 125 million 7.75% senior unsecured notes, due 2037 -- to "a-" (Excellent) from "bbb+" (Good) on USD 1 billion 6.35% senior unsecured notes, due 2054 -- to "a-" (Excellent) from "bbb+" Good) on CAD 250 million 5.23% senior unsecured notes, due 2054 -- to "a-" (Excellent) from "bbb+" (Good) on USD 600 million 6.1 % senior unsecured notes, due 2055 -- to "bbb" (Good) from "bbb-" (Good) on CAD 193.0 million Series G cumulative, five-year rate reset preferred shares -- to "bbb" (Good) from "bbb-" (Good) on CAD 57.0 million Series H cumulative, floating rate preferred shares -- to "bbb" (Good) from "bbb-" (Good) on CAD 260.5 million Series I cumulative, five-year rate reset preferred shares -- to "bbb" (Good) from "bbb-" (Good) on CAD 39.5 million Series J cumulative, floating rate preferred shares -- to "bbb" (Good) from "bbb-" (Good) on CAD 237.5 million Series K cumulative, five-year rate reset preferred shares The following indicative Long-Term IRs on securities available on the universal shelf registration have been affirmed with the outlooks revised to stable from positive: Fairfax Financial Holdings Limited— -- to "a-" (Excellent) from "bbb+" (Good) on senior unsecured debt -- to "bbb+" (Good) from "bbb" (Good) on subordinated debt -- to "bbb" (Good) from "bbb-" (Good) on preferred shares This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Dan Hofmeister, CFA, FRM, CPCU Associate Director +1 908 882 1893 Gregory Dickerson Director +1 908 882 1737 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Khaleej Times
22-05-2025
- Business
- Khaleej Times
Dubai's Emirates NBD eyes majority stake in India's IDBI bank after RBI approval
Dubai's largest lender, Emirates NBD, has gained a significant edge in its pursuit to acquire a majority stake in IDBI Bank, a prominent Indian lender, following the Reserve Bank of India's (RBI) "in-principle" approval to establish a wholly-owned subsidiary in India. This strategic move enhances Emirates NBD's position as it competes with Canada's Fairfax Financial Holdings and India's Kotak Mahindra Bank to secure a 60.7 per cent stake in IDBI Bank, which is currently held by the Indian government (45.48 per cent) and the Life Insurance Corporation of India (49.24 per cent). The RBI's approval allows Emirates NBD, which operates branches in Chennai, Gurugram, and Mumbai, to convert its existing operations into a wholly-owned subsidiary. Banking analysts highlight that this structure ring-fences a foreign bank's local operations, enabling it to operate on par with domestic banks. While major foreign players like HSBC and Standard Chartered have avoided this model due to dual capital requirements — infusing capital into the subsidiary and holding additional capital against the investment — smaller lenders like DBS Bank and State Bank of Mauritius have successfully adopted it to expand in India. For Emirates NBD, this approval underscores its commitment to deepening its footprint in India's rapidly growing banking sector. In August 2024, Emirates NBD was shortlisted alongside Fairfax Financial and Kotak Mahindra Bank to bid for IDBI Bank as part of the Indian government's broader push to privatise state-owned banks and attract foreign investment. India's banking sector, with its robust growth and vast market potential, has drawn increasing interest from global financial institutions. Emirates NBD's bid reflects its strategic ambition to capitalise on these opportunities, with the outcome expected to shape IDBI Bank's future and influence India's banking privatisation landscape. The UAE lender's financial strength bolsters its bid. In the first quarter of 2025, the bank reported a 56 per cent surge in profit before tax to Dh7.8 billion, driven by strong lending, an improved deposit mix, and new product offerings. Its balance sheet crossed the Dh1 trillion mark, fuelled by a vibrant regional economy, with deposits rising 5.0 per cent, including a record Dh27 billion increase in low-cost current and savings accounts. Loan growth reached Dh18 billion, with over half attributed to its expanding international network. IDBI Bank, the acquisition target, reported a 26 per cent increase in net profit to Rs20.51 billion for the March quarter of FY25, up from Rs16.28 billion the previous year. Total income grew to Rs90.35 billion from Rs78.87 billion, reflecting its strong operational base. However, the bank has faced challenges, including asset quality issues and regulatory scrutiny, making its privatisation a critical step toward injecting capital and expertise to enhance competitiveness. Emirates NBD's extensive experience across the Middle East and North Africa, coupled with its track record in managing large-scale acquisitions, positions it as a formidable contender. Fairfax Financial, a Canadian investment firm, aims to expand its Indian financial market presence, while the LIC-led consortium leverages significant local expertise. The bids will be evaluated based on financial stability and strategic vision, with Emirates NBD's operational excellence giving it a competitive edge. The privatisation of IDBI Bank aligns with India's goals of improving public sector efficiency and encouraging private investment. A successful acquisition is expected to strengthen IDBI Bank by fostering innovation and best practices, contributing to the broader health of India's banking sector. As the bidding process advances, industry observers are keenly watching how Emirates NBD and its competitors address IDBI Bank's challenges and capitalise on its opportunities. The outcome will likely set a precedent for future privatisation efforts, marking a pivotal moment for India's financial landscape.
Yahoo
22-05-2025
- Business
- Yahoo
Is Stock Market Volatility Over for 2025?
Our Chief Equity Strategist and Economist, John Blank, wrote recently that the bulk of what happened to large cap U.S. stock indices over the last month was a stock options volatility spike, and a subsequent rapid VIX here now to elaborate. 1. Was this due to the uncertain landscape and how has this volatility whipsaw resolved itself? 2. What does this mean for stock market volatility going forward? 3. How long might it take for the market to gain a solid footing? 4. How do you view investor's risk appetite currently, especially in light of the U.S. and China Trade picture? 5. Tech stocks still appear to be strong. What have we learned from Q1 mega-cap tech reports? 6. For the last 10 years four mega-cap tech stocks drove the U.S. large cap indexes. But overall, what's the bull/bear story regarding these tech stocks? 7. Do you think there's another Big Tech rally around the corner after the group's strong Q1 earnings results? 8. Looking ahead, are the tech mega-caps a buy? 9. As for the Q1 earnings season in general, going into it investors had been hoping strong earnings could revive enthusiasm for stocks on the heels of the worst quarterly performance for the S&P 500 since 2022. Given recent volatility, do you think that's happened?10. A large cap Dutch grocery chain, a Canadian insurance group, and a Spanish Tech Services firm are on your stock radar. They include Ahold ADRNY, Fairfax Financial FRFHF and Amadeus IT Group AMADY. Our Chief Equity Strategist and Economist, John Blank, on stocks. With John, I'm Terry Ruffolo. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fairfax Financial Holdings Ltd. (FRFHF) : Free Stock Analysis Report Ahold NV (ADRNY) : Free Stock Analysis Report Amadeus IT Group SA Unsponsored ADR (AMADY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Globe and Mail
16-05-2025
- Business
- Globe and Mail
Fairfax Announces Pricing of Senior Notes Offering
TORONTO, May 15, 2025 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited ('Fairfax') (TSX: FFH and FFH.U) announces that it has priced a private offering of US$500,000,000 of senior notes due 2035 (the '2035 Notes') at an issue price of 99.632% and US$400,000,000 of senior notes due 2055 (the '2055 Notes' and, together with the 2035 Notes, the 'Notes') at an issue price of 99.725%. The Notes will be unsecured senior obligations of Fairfax. The 2035 Notes will pay a fixed rate of interest of 5.750% per annum, and the 2055 Notes will pay a fixed rate of interest of 6.500% per annum. Fairfax intends to use the net proceeds of this offering to refinance, repay or redeem outstanding debt, equity or other corporate obligations of Fairfax and its subsidiaries, to pursue potential acquisition or investment opportunities (which may include acquisitions of minority interests in its subsidiaries), and for general corporate purposes. This may include the redemption or repurchase of certain of Fairfax's previously issued debt or equity securities. As of the date of this press release, Fairfax has not made any determination as to the specific debt, equity or other corporate obligations to be repaid or redeemed, nor the amount, timing or method of such repurchase or redemption. Similarly, as of the date hereof, Fairfax has not made any determination as to the specific acquisitions or investment opportunities to be pursued, nor the cost, timing or method of such acquisitions or investments. Any such repurchase, redemption, acquisition or investment will be subject to market conditions. Any proceeds not used to refinance, repay or redeem outstanding debt, equity or other corporate obligations or to pursue potential acquisition or investment opportunities will be used for general corporate purposes, which may include to augment our cash position or to increase short-term investments and marketable securities held at the holding company level. Fairfax also intends to enter into a registration rights agreement in connection with the offering of the Notes. The offering is expected to close on or about May 20, 2025, subject to the satisfaction of customary closing conditions. The offering is being made solely by means of a private placement either to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or to certain non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Notes have not been and will not be qualified for sale under the securities laws of any province or territory of Canada and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada, except pursuant to applicable prospectus exemptions. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the Notes will be made only by means of a private offering memorandum. Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. Forward-looking information Certain statements contained herein may constitute 'forward-looking statements' and are made pursuant to the 'safe harbour' provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities regulations. Such forward-looking statements may include, among other things, the intended use of net proceeds from the offering of the Notes and the anticipated completion of the offering of the Notes. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fairfax to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: our ability to complete acquisitions and other strategic transactions on the terms and timeframes contemplated, and to achieve the anticipated benefits therefrom; a reduction in net earnings if our loss reserves are insufficient; underwriting losses on the risks we insure that are higher than expected; the occurrence of catastrophic events with a frequency or severity exceeding our estimates; changes in market variables, including unfavourable changes in interest rates, foreign exchange rates, equity prices and credit spreads, which could negatively affect our operating results and investment portfolio; the cycles of the insurance market and general economic conditions, which can substantially influence our and our competitors' premium rates and capacity to write new business; insufficient reserves for asbestos, environmental and other latent claims; exposure to credit risk in the event our reinsurers fail to make payments to us under our reinsurance arrangements; exposure to credit risk in the event our insureds, insurance producers or reinsurance intermediaries fail to remit premiums that are owed to us or failure by our insureds to reimburse us for deductibles that are paid by us on their behalf; our inability to maintain our long term debt ratings, the inability of our subsidiaries to maintain financial or claims paying ability ratings and the impact of a downgrade of such ratings on derivative transactions that we or our subsidiaries have entered into; risks associated with implementing our business strategies; the timing of claims payments being sooner or the receipt of reinsurance recoverables being later than anticipated by us; risks associated with any use we may make of derivative instruments; the failure of any hedging methods we may employ to achieve their desired risk management objective; a decrease in the level of demand for insurance or reinsurance products, or increased competition in the insurance industry; the impact of emerging claim and coverage issues or the failure of any of the loss limitation methods we employ; our inability to access cash of our subsidiaries; an increase in the amount of capital that we and our subsidiaries are required to maintain and our inability to obtain required levels of capital on favourable terms, if at all; the loss of key employees; our inability to obtain reinsurance coverage in sufficient amounts, at reasonable prices or on terms that adequately protect us; the passage of legislation subjecting our businesses to additional adverse requirements, supervision or regulation, including additional tax regulation, in the United States, Bermuda, Canada or other jurisdictions in which we operate; risks associated with applicable laws and regulations relating to sanctions and corrupt practices in foreign jurisdictions in which we operate; risks associated with government investigations of, and litigation and negative publicity related to, insurance industry practice or any other conduct; risks associated with political and other developments in foreign jurisdictions in which we operate; risks associated with legal or regulatory proceedings or significant litigation; failures or security breaches of our computer and data processing systems; the influence exercisable by our significant shareholder; adverse fluctuations in foreign currency exchange rates; our dependence on independent brokers over whom we exercise little control; financial reporting risks associated with IFRS 17– Insurance Contracts; financial reporting risks relating to deferred taxes associated with amendments to IAS 12– Income Taxes; impairment of the carrying value of our goodwill, indefinite-lived intangible assets or investments in associates; our failure to realize deferred income tax assets; technological or other change that adversely impacts demand, or the premiums payable, for the insurance coverages we offer; risks associated with Canadian or foreign tax laws, or the interpretation thereof; disruptions of our information technology systems; assessments and shared market mechanisms that may adversely affect our insurance subsidiaries; risks associated with the conflicts in Ukraine and Israel and the development of other geopolitical events and economic disruptions worldwide; and risks associated with tariffs, trade restrictions, or other regulatory measures imposed by domestic or foreign governments that may, directly or indirectly, affect our business. Additional risks and uncertainties are described in our most recently issued Annual Report, which is available at on SEDAR+ at and on EDGAR at and in our Base Shelf Prospectus (under 'Risk Factors') filed with the securities regulatory authorities in Canada, which is available on SEDAR+ at Fairfax disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
