The Fairfax Family
Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax’s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. The company has been under current management since 1985. Fairfax is listed on The Toronto Stock Exchange and trades in Canadian dollars under the symbol FFH and U.S. dollars under the symbol FFH.U.
Fairfax owns the following entities:
• Northbridge Financial Corporation (Northbridge)
• Crum & Forster Holdings Corp. (Crum & Forster)
• Zenith National Insurance Corp. (Zenith National)
Reinsurance & Insurance
• Odyssey Re Holdings Corp. (OdysseyRe)
– Hudson Insurance Company (Hudson Insurance)
• Advent Capital (Holdings) Ltd. (Advent)
• Polskie Towarzystwo Reasekuracji Spolka Akcyjna (Polish Re)
• Fairfax Brasil Seguros Corporativos S.A. (Fairfax Brazil)
• Group Re, which underwrites business in:
– CRC Reinsurance Limited (CRC Re)
– Wentworth Insurance Company Ltd. (Wentworth)
Asian Insurance Fairfax
• Falcon Insurance (Hong Kong) Company Ltd. (Falcon)
• First Capital Insurance Limited (First Capital)
• The Pacific Insurance Berhad (Pacific Insurance)
• PT Fairfax Insurance Indonesia (Fairfax Indonesia)
• ICICI Lombard General Insurance Company Limited
• Hamblin Watsa Investment Counsel Ltd. (Hamblin Watsa)
• Ridley Inc. (Ridley)
• Keg Restaurants Limited (The Keg)
• Pethealth Inc. (Pethealth)
• Praktiker Hellas Commercial Societe Anonyme (Praktiker)
• Sporting Life Inc. (Sporting Life)
• William Ashley China Corporation (William Ashley)
• Thomas Cook (India) Limited (Thomas Cook India)
• IKYA Human Capital Solutions Private Limited (IKYA)
• Sterling Holiday Resorts (India) Limited (Sterling Resorts)
To view additional details about each of these companies listed above please visit: Fairfax.ca
The RiverStone runoff business comprises the U.S. runoff group and the European runoff group. The U.S. runoff group includes TIG Insurance Company, Clearwater Insurance Company and Commonwealth Insurance Company of America.
The following insurance companies, among others merged with and into TIG Insurance Company:
- International Insurance Company (effective December 16, 2002)
- Old Lyme Insurance Company of Rhode Island, Inc. (effective December 29, 2009)
- Fairmont Specialty Insurance Company, f/k/a Ranger Insurance Company
- (effective June 30, 2015)
- Fairmont Premier Insurance Company (effective June 30, 2015)
- Fairmont Insurance Company (effective June 30, 2015)
- General Fidelity Insurance Company (effective September 30, 2015)
- American Safety Indemnity Company (effective June 30, 2016)
- American Safety Casualty Insurance Company (effective June 30, 2016)
Effective December 31, 2015, Mt. McKinley Insurance Company merged with and into Clearwater Insurance Company.
The European Runoff Group includes RiverStone Insurance (UK) Limited, RiverStone Insurance Limited and Syndicate 3500. The Run-off Group also includes TIG Insurance (Barbados) Limited, Resolution Group Reinsurance (Barbados) Limited and Bluestone Surety, Ltd.
American Safety Insurance Holdings Ltd.
On October 3, 2013 the company acquired the entire outstanding common share of American Safety Insurance Holdings, Ltd. (“American Safety”) for $30.25 per share in cash, representing aggregate purchase consideration of $317.1. On October 8, 2013 the company sold American Safety’s Bermuda-based reinsurance subsidiary (“AS Re”) to an unrelated third party for net proceeds of $52.5. The renewal rights to certain lines of business formerly written by American Safety were assumed by Crum & Forster and Hudson Insurance representing estimated annual gross premiums written of $103. The remainder of American Safety’s lines of business which did not meet Fairfax 1s underwriting criteria was placed into runoff under the supervision of the RiverStone Group. The purchase consideration for this acquisition was financed internally by the company’s runoff subsidiaries, Crum & Forster and Hudson Insurance and was partially defrayed by the proceeds received on the sale of AS Re ($52.5) and the receipt of a post-acquisition dividend of excess capital paid by American Safety ($123.7). Goodwill and intangible assets was comprised of $34.4 of goodwill and $24.5 of renewal rights. American Safety, a Bermuda-based holding company, underwrote specialty risks through its U.S.-based program administrator, American Safety Insurance Services, Inc. and its U.S. insurance and Bermuda reinsurance companies. 1984 and based in Toronto, provides investment management to the insurance, reinsurance and run-off subsidiaries of Fairfax.