About Fairfax India

Fairfax India Holdings Corporation is an investment holding company publicly traded on the Toronto Stock Exchange whose investment objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

Fairfax India takes a long-term value approach towards acquisitions and investments in the Indian region. We focus on long-term capital appreciation through a flexible and value-oriented approach, underpinned by our guiding principles, including integrity, transparency and responsiveness in all our dealings. Our permanent capital base enables us to execute a unique set of transactions; by taking a very long-term view, combined with the ability to execute highly flexible and creative deal structures.

Fairfax India was founded in 2014 by V. Prem Watsa and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol “FIH.U”.

Fairfax Financial Holdings Limited is the controlling shareholder of Fairfax India. Fairfax Financial Holdings Limited is a Toronto based financial services holding company with a global presence in insurance and reinsurance and a portfolio of assets invested worldwide. Fairfax Financial Holdings Limited is listed on the Toronto Stock Exchange under the symbol “FFH”.

All the investments of Fairfax India are centrally managed by Hamblin Watsa Investment Counsel Ltd., a wholly owned subsidiary of Fairfax Financial Holdings Limited (www.fairfax.ca). Fairbridge Capital Private Limited (www.fairbridgecapital.com), a wholly owned subsidiary of Fairfax Financial Holdings Limited, is sole advisor to Hamblin Watsa Investment Counsel Ltd. with respect to investments of Fairfax India.

Guiding Principles

Objectives

We expect to compound our mark‑to‑market book value per share over the long term by 15% annually by running Fairfax and its subsidiaries for the long term benefit of customers, employees, shareholders and the communities where we operate – at the expense of short term profits if necessary.
Our focus is long term growth in book value per share and not quarterly earnings. We plan to grow through internal means as well as through friendly acquisitions.
We always want to be soundly financed.
We provide complete disclosure annually to our shareholders.

Structure

Our companies are decentralized and run by the presidents except for performance evaluation, succession planning, acquisitions, financing and investments, which are done by or with Fairfax. Investing will always be conducted based on a long term value‑oriented philosophy. Cooperation among companies is encouraged to the benefit of Fairfax in total.
Complete and open communication between Fairfax and subsidiaries is an essential requirement at Fairfax.
Share ownership and large incentives are encouraged across the Group.
Fairfax will always be a very small holding company and not an operating company.

Values

Honesty and integrity are essential in all our relationships and will never be compromised.
We are results oriented – not political.
We are team players – no “egos”. A confrontational style is not appropriate. We value loyalty – to Fairfax and our colleagues.
We are hard working but not at the expense of our families.
We always look at opportunities but emphasize downside protection and look for ways to minimize loss of capital.
We are entrepreneurial. We encourage calculated risk taking. It is all right to fail but we should learn from our mistakes.
We will never bet the company on any project or acquisition.
We believe in having fun – at work!

Fairfax Executive Officers

All 18 /Board of Directors 11 /Executive Officers 7

Jennifer Allen

Vice President

Christopher Hodgson

Honourable Jason Kenney

Sharmila Karve

Sumit Maheshwari

R. William McFarland

Jennifer Pankratz

General Counsel & Corporate Secretary

Satish Rai

Chandran Ratnaswami

Chief Executive Officer

Amy Sherk

Chief Financial Officer

Gopalakrishnan Soundarajan

Chief Operating Officer

Lauren C. Templeton

John Varnell

Vice President, Corporate Affairs

Benjamin P. Watsa

V. Prem Watsa

Founder and Chairman

Investment Management

Hamblin Watsa Investment Counsel Ltd.

Hamblin Watsa Investment Counsel Ltd. sources and advises Fairfax India with respect to all its investments. Hamblin Watsa is registered with the Ontario Securities Commission as a portfolio manager in the Province of Ontario, Canada.

Hamblin Watsa also provides global investment management services to the insurance and reinsurance subsidiaries of Fairfax Financial Holdings Limited.

Hamblin Watsa is a wholly-owned subsidiary of Fairfax Financial Holdings limited and is headquartered in Toronto.

Fairbridge Capital Private Limited

Fairbridge Capital Private Limited is a wholly-owned subsidiary of Fairfax Financial Holdings Limited. Fairbridge Capital Private Limited is based in India and provides investment management services to Hamblin Watsa Investment Counsel Limited.

See www.fairbridgecapital.com for more information about Fairbridge Capital Private Limited.

Acquisition Track Record

1984
1
Hamblin Watsa Investment Counsel is established.
1985
2
Prem Watsa acquires control of Fairfax (then named Markel Financial, which owned a Canadian trucking insurer that today is part of Northbridge Insurance).
1986
3
Fairfax acquires Morden & Helwig (later renamed Cunningham Lindsey), a Canadian insurance claims management company.
1989
4
Fairfax acquires Federated Insurance, a Canadian direct writing commercial insurer (forms part of today’s Northbridge group).
1990
5
Fairfax acquires Commonwealth Insurance (now part of Northbridge Insurance).
1992
6
Fairfax purchases Hamblin Watsa Investment Counsel.
1993
7
Fairfax enters the U.S. insurance market with the acquisition of Ranger Insurance (business was later assumed by Crum & Forster).
1994
8
Fairfax acquires Continental Canada (now part of Northbridge Insurance).
1996
9
Fairfax establishes significant global reinsurance presence with the acquisitions of Skandia America (later renamed OdysseyRe) and Compagnie Transcontinentale de Réassurance (later merged with OdysseyRe).
1998
10
Fairfax acquires Crum & Forster, a U.S. commercial lines P&C insurer.

Fairfax acquires Falcon Insurance (Hong Kong).
1999
11
Fairfax acquires TIG Holdings, which owned TIG Insurance (now the principal operating company of RiverStone) and TIG Re (merged with OdysseyRe).

Fairfax acquires The Resolution Group and establishes the RiverStone Group as an international run-off specialist.
2000
12
Fairfax enters Indian P&C insurance industry with the creation of ICICI Lombard, a joint venture with ICICI Bank.
2001
13
Fairfax completes an IPO of OdysseyRe, with its shares listed on the NYSE.
2002
14
Fairfax acquires First Capital, based in Singapore.
2003
15
Fairfax completes an IPO of Northbridge Financial, with its shares listed on the TSX.
2007
16
Fairfax acquires interest in Falcon Insurance (Thailand).
2009
17
Fairfax privatizes OdysseyRe.

Fairfax privatizes Northbridge Financial.

Fairfax acquires Polskie Towarzystwo Reasekuracji S.A. (Polish Re).
2010
18
Fairfax acquires Zenith National, a U.S. workers’ compensation insurer.

Fairfax acquires interest in Gulf Insurance, a P&C insurer operating in the MENA region.

RiverStone acquires General Fidelity Insurance Co, a U.S. insurer placed into runoff.

Fairfax establishes Fairfax Brasil.
2011
19
Crum & Forster acquires First Mercury.

Fairfax acquires Pacific Insurance, based in Malaysia.
2012
20
RiverStone acquires Brit Insurance Ltd. (renamed RiverStone Insurance), a U.K. insurer in runoff.

Fairfax sells its interest in Cunningham Lindsey.
2013
21
Crum & Forster acquires Hartville, a U.S. pet insurer.

RiverStone acquires American Safety, with Crum & Forster and Odyssey assuming certain lines of business and the remainder placed into runoff.
2014
22
Fairfax acquires Pethealth Inc., a pet insurance and services provider in North America and the U.K.

Fairfax acquires PT Batavia Mitratama in Indonesia (later merged with AMAG).
2015
23
Fairfax acquires QBE’s operations in Ukraine (renamed Colonnade Ukraine).

Fairfax acquires Brit PLC, a Lloyd’s of London re/insurer.

Fairfax acquires interest in BIC Insurance, based in Vietnam.

Fairfax acquires Union Assurance, based in Sri Lanka (later merged with Fairfirst).

Pacific acquires MCIS Insurance Berhad in Malaysia.
2016
24
Fairfax acquires interest in Eurolife, a Greek life and non-life insurer.

Fairfax acquires PT Asuransi Multi Artha Guna Tbk (AMAG), based in Indonesia.

Fairfax acquires Asian Alliance, based in Sri Lanka (renamed Fairfirst).

Fairfax acquires Zurich South Africa (renamed Bryte Insurance).

Fairfax acquires QBE’s business in Central and Eastern Europe (named Colonnade).
2017
25
Fairfax acquires Allied World Assurance Company, a global specialty re/insurer.

Fairfax acquires AIG’s operations in Latin America (named Fairfax Latam).

Colonnade acquires AIG’s business in Central and Eastern Europe.

Fairfax sells its interest in ICICI Lombard.

Fairfax establishes Digit Insurance, a digital general insurer in India.

Fairfax sells its interest in First Capital.
2019
26
Fairfax acquires Universalna and AXA’s business in Ukraine (renamed ARX Insurance) which together form Fairfax Ukraine.
2021
27
Fairfax acquires Singapore Re.

Fairfax sells its European Run-off operations.
2022
28
Fairfax sells its global pet insurance operations.

About Fairfax India

Guiding Principles

Objectives

Structure

Values

Fairfax Executive Officers

Investment Management

Hamblin Watsa Investment Counsel Ltd.

Fairbridge Capital Private Limited

Acquisition Track Record

1984

1985

1986

1989

1990

1992

1993

1994

1996

1998

1999

2000

2001

2002

2003

2007

2009

2010

2011

2012

2013

2014

2015

2016

2017

2019

2021

2022