Fairfax Financial (FFH) Registration Filing summary

Company overview and business model

• Operates as a holding company with global property and casualty insurance, reinsurance, and investment management businesses through a decentralized structure and autonomous management teams.

• Maintains a diversified portfolio across business classes, geographies, and insured types, with a focus on disciplined underwriting and total return investment strategy.

• Key subsidiaries include major insurance and reinsurance operations in North America, Europe, Asia, Latin America, Africa, and the MENA region, as well as non-insurance businesses in sectors like hospitality, food, and media.

Financial performance and metrics

• As of June 30, 2024, total capitalization was $38.8 billion, with $8.6 billion in net debt and $21.7 billion in equity.

• Earnings coverage ratio for the twelve months ended June 30, 2024 was 10.6x, and as adjusted for recent transactions, 11.0x.

• Recent debt issuances and redemptions have not materially changed overall capitalization.

Use of proceeds and capital allocation

• No cash proceeds will be received from the exchange offers; the transaction is solely to satisfy registration rights obligations.

• Initial notes tendered and exchanged will be retired and cancelled, resulting in no change to outstanding indebtedness.