- Business
- Fairfax Financial Holdings Limited is a diversified Canadian financial holding company primarily engaged in property and casualty insurance and reinsurance through its subsidiaries. Its core products and services include underwriting and insuring property and casualty risks such as fire, explosion, earthquake, windstorm, flood, terrorism, boiler explosion, machinery breakdown, commercial and personal automobile insurance, employer's liability, accident and health insurance, workers' compensation, and professional liability coverage; it also provides marine, aerospace, surety, and other specialty insurance products, along with reinsurance solutions. Additionally, Fairfax operates in life insurance and runoff through subsidiaries like Eurolife, offering traditional life insurance policies, group benefits, retirement benefits, and accident and health insurance. Non-insurance operations include ownership and franchising of restaurants, retailing sports lifestyle products, providing travel-related financial services, digital agricultural tools, hospitality real estate development, holiday resort operation, and value-added food processing and distribution. The company operates primarily in North America, Asia, and internationally and was founded in 1985 with headquarters in Toronto, Ontario.
Recent significant changes include the agreed sale of an 80% equity interest in its European life insurance operation, Eurolife FFH Insurance Group Holdings S.A., to Eurobank Ergasias for €813 million in cash, reflecting strategic portfolio optimization. Fairfax also completed a US$500 million private offering of senior notes and announced redemption plans for multiple series of cumulative preferred shares, demonstrating active capital management. In 2024, Fairfax acquired Gulf Insurance Group (GIG), which contributed to a 13% growth in gross premiums, underscoring its expanding presence in the Middle East. The company continues to focus on disciplined underwriting profitability and long-term value creation, targeting 15% annual growth in book value per share through internal growth and acquisitions, supported by strong financial positioning including substantial cash reserves, investments, and share buybacks. Fairfax maintains operations through business segments including Property and Casualty Insurance and Reinsurance, Life Insurance and Run-Off, and Non-Insurance Companies, operating globally with a decentralized management structure and emphasis on long-term shareholder value.