Fairfax Financial

Fairfax Financial Holdings was founded in 1985 by Prem Watsa. Originally named Markel Financial Holdings, it began as an insurance company focusing on property, casualty, and reinsurance. Over the years, through strategic acquisitions and sound financial management under the leadership of Prem Watsa, Fairfax has grown into a multinational financial services company known for its diversified lines of business and strong investment record.

In July 2010, Fairfax Financial Holdings completed its acquisition of Zenith National Insurance Corporation, a leading insurer specializing in workers' compensation coverage. This move was part of Fairfax's strategy to expand its US presence and diversify its insurance offerings. The acquisition was valued at approximately $1.4 billion, highlighting Fairfax's commitment to growing its footprint in the North American insurance market.

On September 23, 2013, Fairfax Financial Holdings announced a partnership with BlackBerry. Fairfax, holding a 10% stake in BlackBerry, proposed a $4.7 billion buyout in an effort to help turn around the struggling smartphone maker. The deal highlighted Prem Watsa's confidence in BlackBerry's potential to reinvigorate its brand through strategic partnership and investment, focusing on BlackBerry's software and services businesses.

Fairfax Financial Holdings completed the acquisition of Brit Insurance, a UK-based specialty insurer, in January 2014. This acquisition valued at about $1.88 billion was part of Fairfax's strategy to strengthen its presence in the global specialty insurance market. Brit Insurance offered Fairfax a significant foothold in the London insurance market, known for its robust specialty and reinsurance sectors, thereby expanding its international reach.

On September 21, 2016, Fairfax Financial Holdings announced the acquisition of Allied World Assurance Company Holdings, a Swiss-based global insurer. The transaction, valued at $4.9 billion, marked one of Fairfax's largest acquisitions and bolstered its global insurance and reinsurance operations. This acquisition allowed Fairfax to expand its specialty insurance services and benefit from Allied World's strong presence in lucrative global markets.

In July 2017, Fairfax Financial Holdings announced its investment in the India-based Catholic Syrian Bank, acquiring a 51% stake valued at approximately $168 million. The investment marked Fairfax's continued interest and confidence in India's growing financial sector. This partnership aimed to bolster the bank's capital strength and support its expansion plans across India, leveraging Fairfax's expertise in financial services and strategic management.

In December 2019, Fairfax Financial Holdings sold its remaining 40% stake in ICICI Lombard General Insurance Company, an Indian private sector insurer, through a series of transactions. This sale represented Fairfax's strategic decision to reallocate capital while realizing significant gains from its initial investment in the company. ICICI Lombard had grown substantially, becoming one of the leading private sector insurers in India.

In November 2020, Fairfax Financial Holdings completed the acquisition of RiverStone Europe, a runoff insurance company from Canadian insurer RSA for around $750 million. This acquisition enhanced Fairfax's runoff business, providing a broader platform for managing its long-term liabilities and strengthening its European operations. Runoff insurance involves managing and consolidating closed blocks of insurance business to release their capital.

In April 2021, Fairfax Financial Holdings made a $500 million investment in a J.P. Morgan-managed fund focused on private equity investments in India. The investment aimed to capitalize on the burgeoning growth opportunities within India's diverse market landscape, reflecting Fairfax's strategy of international investment diversification in emerging economies. This move emphasized Prem Watsa's belief in the potential of India's economic landscape.

In December 2021, Fairfax Financial Holdings partnered with Kennedy Wilson, a global real estate investment company, to launch a European real estate platform. This joint venture aims to pursue substantial investment opportunities across Europe, initially focusing on the UK and Ireland, with plans to deploy a significant amount of capital into value-add and opportunistic real estate projects. The partnership leverages both firms' expertise in real estate and investment management.