Fairfax Financial (FFH) Registration Filing summary

Company overview and business model

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

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

• Business segments include global insurance and reinsurance, life insurance, run-off operations, and non-insurance investments in various sectors.

Financial performance and metrics

• As of June 30, 2025: holding company cash and investments (net of derivative obligations) were $3.03 billion; total debt was $13.22 billion; total equity was $29.99 billion; total capitalization was $43.21 billion.

• Earnings coverage ratio for the twelve months ended June 30, 2025 was 9.7x, and as adjusted for recent transactions, 9.5x.

• Net debt as a percentage of net total capitalization was 25.4%.

Use of proceeds and capital allocation

• No cash proceeds will be received from the issuance of the Exchange Notes; the exchange is solely to satisfy obligations under a Registration Rights Agreement.

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

• Recent capital actions include a Cdn $700 million senior notes offering in August 2025, with proceeds intended for debt refinancing, potential acquisitions, and general corporate purposes.

• Completed redemption of Series G and H Preferred Shares for Cdn $250 million in September 2025.