glider3834

unfortunately I don't have a sub must have been a one off complimentary article

cheers gfp I suspect Exor could be larger for Fairfax overall - in the past they have split new equity investments between the different insurance subs here is a Barron's piece on Exor from earlier this year https://www.barrons.com/articles/buy-exor-stock-price-pick-ferrari-ef15ef21 interesting too given Jamie Lowry value investing presentation a few years ago

yep potentially

they look to be under 5% now on another tech stock Micron - by my estimate this was likely a double for Fairfax maybe around $200M profit or so a few years ago but they missed the big run up since Well the flip side on Micron I guess is 1. they are fishing in the right waters & 2. after they reduced Micron, they upped their Orla stake & we know that has worked out pretty well too Can't win them all hey

thanks gfp for your comments so would it be right to say, even where unrealised gain or loss for TRS, there is still a movement of collateral, held as restricted, which could be in the form of cash or T-bills either received from counterparty(TRS gains) or sent to counterparty (TRS losses) - is that right? And then I guess I was trying to get to the issue of taxation - do you think they would have different re-measurement dates & keep unrealized to defer tax?

thanks for posting - agree this is a must read

Looking at sedi filings it looks like Fairfax bought ~167K shares over Jan-Feb-26 and then looking at AR below, looks like they may have bought another ~59K in the first week of March. 'Subsequent to December 31, 2025, the company purchased for cancellation 226,694 subordinate voting shares under the terms of its normal course issuer bids at a cost of $384.0' AR2025

For India based non-insurance associates and share of profit, there are those that owned by Fairfax India and others owned via FFH. So p126 is showing share of profit for those under Fairfax India. Below is the split for share of profit for india non-insurance associates held by FFH and those held via Fairfax India

I don't think I totally answered your question with my post below - but I will keep it just in case others find it useful rather than delete and maybe have another look at your question. For the interest and dividends line, I believe these are dividends they receive on common and preferred stocks after investment expenses. Dividends from associates subtract from the carrying value of the associate investment and treated as return of capital, as you already recognise the share of profit from associate. For controlled subs as I understand, dividends are eliminated on consolidation to prevent double counting as they are an internal transaction and not external income.

I believe they repurchased less in '24 and '25 over same period and a little more around 62k in '23

'Eddie Bauer (the clothing brand) and Bauer Hockey (the equipment manufacturer) are not related. They are two separate, distinct companies founded at different times by unrelated individuals.' source - gemini

agree if approved then it would be similar to Digit Life where FAL directly owns shares ( but a different %) in Digit Life

Fairfax via FAL looking to secure majority control ownership of Digit Insurance via merger with Go Digit Infoworks, subject to regulatory approvals/shareholder vote https://www.godigit.com/content/dam/godigit/general/investor-relations/stock-exchange-disclosures/board-meeting-outcome-19-12-2025-and-press-release.pdf 'Until the Digit Insurance company and holding company are merged, we have not reflected the mark-to-market gain on our 49% of common shares in Digit ($110 million as of December 31, 2024).' (AR 2024)

another consideration looking at price to book, ROE and what is appropriate multiple is to consider over the last 7 years the goodwill & intangibles portion of book value for Fairfax's 5 largest insurers has actually been reduced in aggregate, due to acquisition related accounting eg amortization of customer relationships - even though these businesses have grown significantly.

Seaspan/Poseidon Maybe moving into ethane carrier space - looks to be MOU at this stage https://www.tradewindsnews.com/gas/seaspan-mulls-billion-dollar-order-for-up-to-six-vlec-newbuildings/2-1-1904696

enjoyed thanks - I think this slide below provides useful snapshot on Marval fund approach on valuation- see below

see below

all good - Fairfax also upped stake to 25.5% in Sep Qtr

John Keells chugging along https://www.keells.com/posts/john-keells-holdings-plc-doubles-ebitda-to-rs-18-3bn-signals-even-stronger-second-half

+1

I think Fairfax's culture in terms of how it deals with new tech opportunity and threats is really key - the fact they have a global internal thinktank on AI, new tech across their whole business - there is a lot of co-operation - there will always be new risks from competitors I think they have proven with Digit and with Ki they can disrupt markets with tech, AI - I actually see AI as providing tailwinds for Fairfax's businesses - on underwriting side they have lots of proprietary data and can use AI, machine learning to more efficiently and accurately price risk. One of the reasons Ki has been careful around writing new lines is that they need to have enough quality data and conviction around pricing before they can start offering a new risk product - they are building a marketplace with 3P capacity and it needs to be done with real care. My understanding is Polymarket is a betting exchange so you could bet on weather events like a hurricane occuring or not occuring for example - a simple binary outcome or bet - as it is now it looks to have low liquidity. I am sure Fairfax will monitor this & see how it develops. But as I understand , you couldn't use a betting exchange to insure complex risks like insuring an oil tanker for example - that requires specialist expertise, data, craft etc - that is what a specialist underwriter can provide. But definitely there are always going to be better ways to write insurance and distribute it and Fairfax will need to work to stay on top of it - but I think going back to Digit as an example, is that they are really customer focused, the satisfaction rates have been consistently high and so its more than just the AI, technology its about customer service. Also Digit won the Digital Insurer award at 2025 Asia Insurance award again https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/93416/Type/eDaily/29th-Asia-Insurance-Industry-Awards-welcomes-new-crop-of-winners

if they are deconsolidating and retaining interest in the Keg as associate - it suggests they may have sold majority of voting rights (3P has operational control) & potentially majority of their economic interest

they are investing in Ki to build out tech & operations which is impacting underwriting exp ratio but they haven't broken out figures

it looks like FFH Group Holdings paid dividends to Costa Luxembourg jointly controlled by Fairfax & OMERS, which bought the 80% stake originally, looks to be private company & so couldn't see financials on this one. Another thing which is interesting Eurolife FFH life sale price has been published as 1.45 x book value. It looks like shareholders equity for Eurolife FFH Life was €571M at 31 Dec-24 - applying 1.45 multiple would give €827M but the sale price is €813 million (implying shareholder equity of €560M - so I have a hunch & I could be totally wrong, but i suspect there has been another dividend paid by Eurolife life to FFH Group Holdings in 2025 prior to this sale price being agreed on, given Eurolife has generally been consistently profitable and shareholders equity has fallen since end of 2024 (which is suspect could be due to dividend payout). And this might also be a consideration but if you look at the original purchase below, Eurobank took out its dividend prior to the sale to Fairfax & OMERS in 2016. I think around 77% of the premium for Eurolife Life is coming from Eurobank network, so I think the natural home for this business is with Eurobank and a natural acquisition for their strategic priorities to grow fee income in AM and life insurance. This is a very off the cuff comment because I haven't really looked into details but I think given Eurolife Life appears quite dependent on the Eurobank network to distribute that might be a consideration that impacts price to book sale multiple too & might be a factor in why Fairfax wanted Eurobank as 20% shareholder. I do wonder about the investment side if Hamblin Watsa will still have some involvement or if Eurolife Life just takes it all inhouse - will be interesting to get more details

viking I just put this table together shows my estimate for dividends paid by Eurolife Life & General businesses to the Eurolife FFH Group Holdings & I have noted Fairfax's ownership increased over 2016 to 2024 period - I took these from annual reports published on eurolife ffh website https://www.eurolife.gr/en/gnoriste-mas/financial-data/ I couldn't find any information on whether Eurolife Life paid any further dividends in 2025