Fairfax 2026

[Viking]

3 hours ago, SafetyinNumbers said:

Including it here since it includes Digit but this would be huge if true.

 

https://www.moneycontrol.com/banking/mc-exclusive-fairfax-could-bid-5-bn-for-idbi-bank-said-to-offer-to-fully-divest-from-csb-bank-article-13958248.html

 

i wonder if they would only include their stakes and keep Digit and IIFL Capital public. 

If true, perhaps explains why they boosted their stake in IIFL Capital. It also looks similar to the playbook that Eurobank is following - diversifying earnings (growing the fee based part with Go Digit). IIFL Capital takes it one step further with capital markets. 
 

I wonder if the new financial services hire is involved…

From Prem’s letter in 2025AR:

 

“We are pleased to report that late in 2025,Hafize Gaye Erkan joined Fairfax as President of Banking and Insurtech. She has a wealth of knowledge of the banking sector through senior positions at Goldman Sachs & Co, Co-CEO and President of First Republic Bank and most recently as Governor of the Central Bank of Turkey. Hafize will initially provide oversight to our banking operations and assist with developing opportunities in the Insurtech space. A big welcome to Hafize.

Edited yesterday at 06:48 AM by Viking

[dartmonkey]

10 hours ago, SafetyinNumbers said:

Including it here since it includes Digit but this would be huge if true.

 

https://www.moneycontrol.com/banking/mc-exclusive-fairfax-could-bid-5-bn-for-idbi-bank-said-to-offer-to-fully-divest-from-csb-bank-article-13958248.html

 

i wonder if they would only include their stakes and keep Digit and IIFL Capital public. 

Sounds like they would be merged: "offers to make GoDigit and IIFL Capital subsidiaries of the bank."

[SafetyinNumbers]

1 hour ago, dartmonkey said:

Sounds like they would be merged: "offers to make GoDigit and IIFL Capital subsidiaries of the bank."

If IDBI owns 50.1% of each I think it would still count as a subsidiary. 

[dartmonkey]

Just now, SafetyinNumbers said:

If IDBI owns 50.1% of each I think it would still count as a subsidiary. 

Yes.  I hadn’t realized that FIH had such a big stake in IIFL Capital, but in May they announced their intention to go from 30.5% to at least 51%, so that would be possible, assuming they have acquired as many shares as they intended to.

 

They own 49% of Go Digit so I presume they would need Kamesh Goyal’s approval to make Go Digit a subsidiary, but it’s possible. 

[Hoodlum]

AM Best upgraded Polish Re.  It is always interesting to see rating upgrades to some of the smaller insurance subs as it provides some insight we normally don't have visibility to.

 

https://news.ambest.com/NewsContent.aspx?refnum=275297&altsrc=23

 

//BestWire// - AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Polskie Towarzystwo Reasekuracji S.A. (Polish Re) (Poland). The outlook of these Credit Ratings (ratings) is stable.

 

The ratings also reflect the lift Polish Re receives due to the support provided by its ultimate parent, Fairfax Financial Holdings Limited (Fairfax) [TSX: FFH], in particular the explicit parental guarantee in place for Polish Re. In addition, Fairfax provides technical support in areas such as reserving, retrocession protection and investment management services. Fairfax’s commitment to Polish Re was demonstrated by its PLN 78 million (USD 18 million) capital injection in 2023.

 

 

Polish Re’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), was at the strongest level at year-end 2025, and it is projected to remain at the same level in the medium term. Further supporting factors are Polish Re’s low dependence on retrocession and conservative investment strategy. Reserve development has been positive since 2024. Prior to 2024, the runoff of motor third-party liability business exhibited material volatility.

 

Polish Re’s adequate operating performance assessment is supported by a five-year (2021-2025) average combined ratio of 95.4% and a five-year (2021-2025) average return-on-equity ratio of 10.7% (both as calculated by AM Best). The company’s underwriting performance improved in 2025, as evidenced by a combined ratio of 92.0% (2024: 97.8%) (as calculated by AM Best). Robust investment results supported an overall net profit of PLN 85.6 million (USD 23.8 million). Prospectively, investment income is expected to be a consistent contributor to the company’s profitability.

 

Polish Re benefits from a diversified underwriting portfolio, with operations spanning approximately 40 markets. The company’s largest markets, as based on gross written premium in 2025, are Poland, Turkey and Israel. Additionally, the company has expanded its agriculture line of business significantly in recent years. AM Best considers Polish Re’s ERM to be developed and appropriate for its risk profile and operational scope.

[petec]

On 6/20/2026 at 1:36 AM, Viking said:

KW is an interesting company. I totally agree with you - retail shareholders in KW got taken out behind the woodshed owning the stock.

 

Depends when they bought

 

On 6/20/2026 at 1:36 AM, Viking said:

The stock they owned was table-stakes (as Jamie Dimon would say). It got Fairfax access to Kennedy Wilson’s deal flow. Real estate partnerships. Mortgage loans. ThePacWest deal was an absolute home run for Fairfax (still is). And in the end, it also allowed Fairfax to take KW out on the cheap (at least that is my initial uneducated read). Real estate is deeply out of favour - this is likely an ideal time to buy something like KW. 

 

+1

[petec]

20 hours ago, dartmonkey said:

Yes.  I hadn’t realized that FIH had such a big stake in IIFL Capital, but in May they announced their intention to go from 30.5% to at least 51%, so that would be possible, assuming they have acquired as many shares as they intended to.

 

They own 49% of Go Digit so I presume they would need Kamesh Goyal’s approval to make Go Digit a subsidiary, but it’s possible. 

 

What are the latest thoughts on how this would be funded? Big equity injection or loan from the parent to FIH?

[gfp]

21 hours ago, dartmonkey said:

Yes.  I hadn’t realized that FIH had such a big stake in IIFL Capital, but in May they announced their intention to go from 30.5% to at least 51%, so that would be possible, assuming they have acquired as many shares as they intended to.

 

They own 49% of Go Digit so I presume they would need Kamesh Goyal’s approval to make Go Digit a subsidiary, but it’s possible. 

 

I'm sure they would want Goyal's approval but in substance I believe they own more than 49% of Digit.  There is just a backward looking regulatory constraint at that ownership level.  There have been several changes to both the law and collapsing the parent company Infoworks into the public entity that will surface Fairfax's actual economic ownership more clearly sometime soon

[SafetyinNumbers]

35 minutes ago, petec said:

 

What are the latest thoughts on how this would be funded? Big equity injection or loan from the parent to FIH?

I’m hoping it’s a GP/LP structure which Prem seemed to confirm when I asked him about it 2 years ago.