Daphne

Fairfax Voluntarily Delisting From NYSE Marketwire Fairfax Financial Holdings Limited November 19, 2009 - 05:02:19 PM Fairfax Voluntarily Delisting From NYSE TORONTO, ONTARIO--(Marketwire - Nov. 19, 2009) - Fairfax Financial Holdings Limited (TSX:FFH)(NYSE:FFH) announced today its intention to voluntarily delist its subordinate voting shares from the New York Stock Exchange (NYSE). After the delisting from the NYSE, Fairfax's subordinate voting shares will continue to be listed on the Toronto Stock Exchange (TSX), where they will be traded in both Canadian and U.S. dollars under the trading symbols FFH and FFH.U, respectively. "After our recent privatization of Odyssey Re, Fairfax now wholly owns all of its primary businesses and is the largest property and casualty insurance company based in Canada, with worldwide operations in over 50 countries," said Prem Watsa, Chairman and CEO. "While our decentralized operations have global reach, after reviewing the factors relevant to our continued listing on the NYSE, we determined that our company and its shareholders will be better served by the simplified focus and lower cost resulting from the maintenance of only our original TSX listing. In recent years, as markets have become significantly more global and liquid, our constituents, including shareholders and employees, no longer require multiple listings. The voluntary delisting will have no impact on our ongoing strategic and operating philosophy nor on our very substantial presence in the United States and our presence in the other global markets in which we operate." In accordance with the procedures established by the U.S. Securities and Exchange Commission (SEC), Fairfax will file a Form 25 with the SEC on or about November 30, 2009 to effect the delisting, and the delisting is expected to be effective ten days thereafter, on or about December 10, 2009. The delisting will not affect Fairfax's continuing obligation to file required reports with the SEC. 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. FOR FURTHER INFORMATION PLEASE CONTACT: Fairfax Financial Holdings Limited Greg Taylor Chief Financial Officer (416) 367-4941 Media Contact Fairfax Financial Holdings Limited Paul Rivett Chief Legal Officer (416) 367-4941

I agree with you Dazel. Just wrote a letter to decloet, managing editor of ROB. Others might want to follow suit. D

The ones it has underwritten. Thanks D

Does anyone know if BRK muni vs. triple A muni spreads have narrowed over the past 3 months? Thanks Daphne ???

Cardboard, I think your walk the talk comment was unfair to say the least. Prem would have to balance his fiduciary responsibility to FFH shareholders while attempting to be "fair" to NB shareholders. I can't imagine that it would ever be an easy call. d

I think we should buy Sanjay lunch today!!! D

Fairfax Launches $150 Million Senior Notes Offering Press Release Source: Fairfax Financial Holdings Limited On Wednesday August 12, 2009, 9:56 am EDT Buzz up! 0 Print Companies: Fairfax Financial Holdings Ltd. TORONTO, ONTARIO--(Marketwire - 08/12/09) - (Note: All dollar amounts in this press release are expressed in Canadian dollars.) Fairfax Financial Holdings Limited (TSX:FFH - News)(NYSE:FFH - News) announces that it intends to offer $150 million in aggregate principal amount of 7.5% Senior Notes due 2019. The Senior Notes will be offered through a syndicate of dealers to be led by BMO Capital Markets that include RBC Capital Markets, CIBC World Markets, Scotia Capital, Bank of America Merrill Lynch, GMP Securities and Cormark Securities. The notes offered will be unsecured obligations of Fairfax and will pay a fixed rate of interest of 7.5 per cent per annum. Fairfax intends to use the net proceeds of the proposed offering to augment its cash position, increase short term investments and marketable securities held at the holding company level and for general corporate purposes.

Re expense ratio. I think he said that, for now (my words), they will continue to retain the same number of employees though reducing business written. d

I suspect Prem knows the Life Insurance business very well. He was at Confederation Life leaving about 2 years prior to its collapse. The collapse itself was a liquidity crisis driven by policy holders cashing in though in those days it was a mutual company owned by the policy holders. D

Prem talked about ratios in the Q&A (I believe). He indicated that the commutation was a strategic decision for which he has no regrets. By taking a loss of 4% the company was able to redeploy the cash most effectively with good purchases at good prices due to depressed market. He reiterated that the company will continue to make these kinds of decisions because it takes a long term view. He will not be swayed by the need to show strong results on each quarterly balance sheet. D

Thanks for doing that math. It makes more sense. Let's not forget that Prem warned us that he'd walk away from business rather than take underwriting risks. There's a short term price to pay for this conservative decision -- we were forewarned so stop complaining-- that decison's more than offset by investment gains. Those other companies you've listed are most likely increasing their risk to write the business.