Core Viewpoint - Fairfax Financial Holdings Limited announced its intention to redeem all outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series I and Cumulative Floating Rate Preferred Shares, Series J on December 31, 2025, for a total amount of C$300.0 million, plus accrued dividends [1]. Group 1: Redemption Details - The redemption will include 10,420,101 Series I Shares and 1,579,899 Series J Shares at a price of C$25.00 per share [1]. - The final quarterly dividend for Series I Shares will be C$0.207938, payable on December 31, 2025, while Series J Shares will receive a final dividend of C$0.34727 on December 30, 2025 [3]. Group 2: Process and Contact Information - Non-registered holders of Preferred Shares are advised to contact their broker for information regarding the redemption process [4]. - Fairfax's transfer agent for the Preferred Shares is Computershare Trust Company of Canada, and inquiries can be directed to them [4]. Group 3: Post-Redemption Impact - Following the redemption, Series I and Series J Shares will be delisted from the Toronto Stock Exchange [5].

Core Insights - Fairfax Financial Holdings Limited is a diversified financial holding company that integrates insurance underwriting with active investment management, operating across multiple global markets [2][3][4] - The company has shown significant profitability driven by underwriting results and investment returns, with a focus on long-term capital appreciation [2][10][22] Business Overview - Fairfax operates in property and casualty insurance, reinsurance, and asset management, alongside non-insurance businesses in sectors like retail and hospitality [4][8][39] - The company employs a hybrid model that combines underwriting discipline with opportunistic capital deployment, allowing it to navigate market dislocations effectively [5][19][22] Financial Performance - In Q3 2025, Fairfax reported net earnings of $1,151.7 million and earnings per diluted share of $52.04, reflecting strong performance in both underwriting and investment segments [10][14][15] - The company's book value per share as of September 30, 2025, was $1,203.65, indicating robust capital accumulation [14][15] Dividend Policy - Fairfax does not maintain a regular high-yield dividend program, prioritizing reinvestment and opportunistic acquisitions over consistent dividend payouts [12][40] Risk Management and Strategy - The company employs a comprehensive risk management framework that includes loss reserves, catastrophe modeling, and reinsurance placements to optimize capital efficiency [20][42] - Fairfax's strategy involves acquiring specialty insurers and expanding into emerging markets, leveraging its diversified operations to balance underwriting volatility [25][26] Historical Development - Founded in 1951 and rebranded in 1987, Fairfax has evolved from a regional insurer to a global holding company through strategic acquisitions and disciplined capital allocation [23][33][36] - Key milestones include the expansion into reinsurance and diversified operating businesses, enhancing its market position among Canadian insurers [26][33] Leadership and Governance - The executive team emphasizes long-term value investing, underwriting rigor, and proactive corporate finance, with governance frameworks designed to meet regulatory standards [28][30][34] - Leadership decisions significantly impact the company's risk appetite and growth trajectory, with a focus on preserving capital and growing book value [29][30]

Core Insights - Fairfax Financial Holdings Limited reported net earnings of $1,151.7 million for Q3 2025, an increase from $1,030.8 million in the same period last year [1] - The increase in net earnings is attributed to higher adjusted operating income from property and casualty insurance and reinsurance operations, driven by strong core underwriting performance, increased interest and dividend income, and favorable results from profit of associates [2] Financial Performance - Gross premiums written (GPW) slightly decreased to $8,262.8 million from $8,302.2 million in Q3 2024, reflecting growth in new business across reinsurance and casualty lines and modest rate increases in key segments [3] - Property and casualty insurance and reinsurance GPW was $8,179.8 million in Q3 2025, down from $8,237.9 million in the same period last year [3] - Net premiums written increased by 2.1% to $6,555.5 million from $6,420.4 million, primarily due to increased retentions in US casualty lines [4] Underwriting and Profitability - Underwriting profit for property and casualty insurance and reinsurance operations rose to $540.3 million from $389.7 million in 2024, with an improved undiscounted combined ratio of 92.0%, down from 93.9% [5] - Key factors for positive results included decreased catastrophe losses of $150.0 million compared to $434.5 million in 2024 and growth in business volumes, despite a modest decrease in net favorable prior year reserve development [6] Adjusted Operating Income - Adjusted operating income for property and casualty insurance and reinsurance operations increased to $1,343.2 million from $1,136.8 million, reflecting stronger underwriting performance and increased interest and dividends [7] Investment Gains - Net gains on investments for the quarter were $426.2 million, primarily from net gains on common stocks of $524.6 million, with expectations for long-term performance despite quarterly fluctuations [8] Strategic Transactions - The company announced the sale of its 80.0% interest in Eurolife's life insurance operations to Eurobank for approximately $940 million and will acquire a 45.0% equity interest in Eurobank's Cyprus-based property and casualty insurance company for approximately $68 million [9] - This strategy allows the company to maintain focus on property and casualty insurance and reinsurance while benefiting from the success of the Eurolife life insurance business through its stake in Eurobank [10]

Core Insights - Fairfax Financial Holdings Limited reported net earnings of $1,151.7 million ($52.04 per diluted share) for Q3 2025, an increase from $1,030.8 million ($42.62 per diluted share) in Q3 2024, reflecting strong performance in property and casualty insurance and reinsurance operations [1][2][8] - The company's book value per basic share rose to $1,203.65 as of September 30, 2025, up 15.1% from $1,059.60 at the end of 2024, adjusted for dividends [1][8] Financial Performance - Adjusted operating income from property and casualty insurance and reinsurance operations was $1,343.2 million, with a consolidated combined ratio of 92.0% and an undiscounted underwriting profit of $540.3 million [2][10] - Gross premiums written for Q3 2025 were $8,262.8 million, slightly down from $8,302.2 million in Q3 2024, while net premiums written increased to $6,623.8 million from $6,485.0 million [5][10] - Net gains on investments totaled $426.2 million, primarily from common stocks, which generated net gains of $524.6 million [3][11] Strategic Transactions - The company announced the sale of its 80% interest in Eurolife's life insurance operations to Eurobank for approximately $940 million, while acquiring a 45% equity interest in Eurobank's Cyprus-based property and casualty insurance company for about $68 million [4][20] - The transactions are expected to close in Q1 2026 and will allow the company to focus on property and casualty insurance while benefiting from the success of Eurolife [4][20] Investment and Portfolio Management - As of September 30, 2025, the company's portfolio investments totaled $70.9 billion, with $11.8 billion in cash and short-term investments and $32.7 billion in government and high-quality corporate bonds [10][16] - The total debt to total capital ratio, excluding non-insurance companies, increased to 26.5% from 24.8% at the end of 2024, primarily due to the issuance of unsecured senior notes [16][21] Shareholder Returns - The company redeemed all Series G and Series H preferred shares for $179.7 million, and has been actively repurchasing subordinate voting shares [16][20] - The total common shareholders' equity increased to $25.67 billion as of September 30, 2025, compared to $22.96 billion at the end of 2024 [21][24]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.15 per share, an improvement from a loss of $0.56 per share in Q3 of the previous year [12] - Adjusted EBITDA for Q3 totaled $125 million, nearly double the $66 million reported in Q3 of last year, with year-to-date adjusted EBITDA increasing by 6% to $371 million [12] - Investment management fees increased by 8% in the quarter and 23% year-to-date, reflecting growth in the investment management business [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) grew to $31 billion in Q3, an 11% increase year-over-year, while fee-bearing capital rose to $9.7 billion, a 10% increase [5] - The company deployed or committed approximately $900 million in Q3, bringing total capital deployment to $3.5 billion year-to-date [6] - The credit team originated $600 million in new rental housing construction loans in Q3, totaling $2.6 billion for the year [6] Market Data and Key Metrics Changes - The rental housing sector continues to experience a supply-demand imbalance, with strong demand and occupancy rates over 94% [15] - Same-store NOI for the U.S. market-rate portfolio grew by 2.4%, with revenues up 1.3% and expenses down due to favorable property taxes [15] - In Ireland, same-property occupancy increased by 1.7%, leading to revenue and NOI growth of 6% [17] Company Strategy and Development Direction - The company is focused on expanding its investment management platform and monetizing non-core assets, with a pending acquisition of Toll Brothers Apartment Living platform expected to add $5 billion to AUM [9][10] - The strategy includes targeting rental housing, with over 70% of AUM expected to be attributable to this sector [10] - The company aims to capitalize on the structural undersupply of housing, positioning itself to benefit from long-term rental demand [10] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in the cost and availability of capital, with lower borrowing costs supporting higher transaction levels [10] - The company anticipates continued growth in its investment management business while successfully monetizing non-core assets [17] - Management expressed confidence in the strength of rental fundamentals and the ongoing demand for rental housing [10] Other Important Information - The Board of Directors is evaluating a proposal for a potential take-private transaction, with a special committee formed for this purpose [3] - The company has successfully generated $470 million in cash from asset sales year-to-date, exceeding its target of $400 million for the year [9] Q&A Session Summary Question: Cap rates for multifamily in various markets - Management indicated that cap rates vary widely, trading in the high 4s to high 5s, depending on asset age and sub-market conditions [19][20] Question: Impact of government shutdown on affordable multifamily portfolio - Management reported no significant impact from the government shutdown, attributing any NOI weakness to expense-driven factors [25][26] Question: Fundraising and market share - Management noted challenges in capital raising for private equity firms but highlighted success in capital deployment, particularly in Asia and North America [27][28] Question: Loan origination volume in Q3 - Management acknowledged a seasonal slowdown in Q3 origination volumes but emphasized a strong pipeline and continued activity in the loan space [33][35] Question: Growth of the U.K. single-family rental platform - Management reported good growth in the U.K. platform, with nearly 1,300 homes committed and expectations for further acquisitions in Q4 [36][38] Question: U.K. office occupancy decline - Management explained that the decline was due to lease move-outs, with expectations for occupancy to improve as backfills are completed [39][41]

Not for distribution to U.S. news wire services or dissemination in the United States. TORONTO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) has filed a short form base shelf prospectus with the Canadian securities regulatory authorities in connection with Fairfax’s universal shelf renewal. The shelf prospectus renewal allows Fairfax to offer from time to time over a 25-month period an unlimited number of debt, equity or other securities. Should Fairf ...

Core Insights - Dream Impact Trust reported its financial results for the third quarter of 2025, highlighting strong leasing activity and progress in development projects despite challenging housing market conditions [2][3]. Financial Performance - The Trust experienced a net loss of CAD 10.3 million in Q3 2025, compared to a loss of CAD 7.6 million in Q3 2024, primarily due to deferred tax recovery and timing of condo occupancies [6][7]. - The recurring income segment reported a net loss of CAD 6.1 million, an improvement from CAD 7.0 million in the prior year, driven by higher NOI from multi-family assets [7]. - The multi-family rental properties segment achieved a same property NOI of CAD 1.7 million, consistent with the prior year, while NOI from assets in lease-up increased to CAD 0.6 million from CAD 0.3 million [8][9]. Operational Highlights - As of October 31, 2025, the Trust's purpose-built rental assets reached over 90% occupancy, a 15% increase since June 30, 2025, with 1,344 units in total [3]. - The Trust is advancing the development of 49 Ontario St, with demolition expected to commence soon, and plans for Quayside development are on track for the second half of 2026 [3][4]. - The multi-family portfolio comprised 2,973 units, with 92% leased, including over 1,300 units in the lease-up phase expected to contribute to NOI [9]. Liquidity and Debt Management - The Trust reduced its land loan exposure by over CAD 100 million in 2025 and extended the maturity of a CAD 30 million convertible debenture to 2031 [4][19]. - As of September 30, 2025, the Trust had total cash of CAD 7.6 million and a debt-to-asset value ratio of 41.8%, slightly up from 41.3% at the end of Q2 2025 [18][19]. - The Trust's consolidated debt stood at CAD 273.0 million, with a significant decrease in debt maturing in 2025 due to loan extensions and repayments [19][27].

Odyssey Reinsurance Company, the property and casualty reinsurance arm of Odyssey Group Holdings, Inc., a subsidiary of Fairfax Financial Holdings Limited, has appointed Randhir Bilkhu as Head of Artificial Intelligence (AI) Business Solutions.In his new role, Bilkhu will report to the Chief Executive Officer of Reinurance.His remit is to identify and implement opportunities to utilise AI and technology to add value to the underwriting process.Bilkhu joined OdysseyRe in 2019 as Senior Pricing Actuary and Da ...

Core Insights - Alphyn Capital Management's Master Account returned 3.0% net in Q3 2025, underperforming the S&P 500 Index which returned 8.1% [1] - The top ten holdings represented approximately 68% of the portfolio, with around 17% held in cash as of Q3 2025 [1] - The market narrative was influenced by advancements in AI, credit cycles, and geopolitical uncertainties during the quarter [1] Company Focus: Fairfax Financial Holdings Limited - Fairfax Financial Holdings Limited (OTC:FRFHF) experienced a one-month return of -4.36% but saw a 32.30% increase in value over the past 52 weeks [2] - As of October 27, 2025, Fairfax's stock closed at $1,662.03 per share, with a market capitalization of $36.962 billion [2] - Fairfax's fundamental performance remains strong, with a 10.8% year-to-date increase in book value per share to $1,158, supported by a 93.3% combined ratio and robust investment results [3]

Core Viewpoint - Dream Impact Trust is seeking approval from unitholders for amendments to its 5.50% convertible unsecured subordinated debentures, including a significant change in the conversion price and an extension of the maturity date [2][3][4]. Summary by Sections Meeting Details - A special meeting for unitholders is scheduled for November 27, 2025, at 2:00 p.m. in Toronto, with unitholders of record as of October 17, 2025, eligible to vote [2][5]. Amendments to Debentures - The Trust has $30 million in outstanding debentures and proposes to amend the conversion price from $31.02 to $2.75 per unit, reflecting a 59% premium to the closing price on October 17, 2025, and a 62% premium to the price on September 17, 2025 [3][4]. - The maturity date of the debentures will be extended by five years to July 31, 2031, and the interest rate will increase from 5.50% to 6.50% [4][6]. Unitholder Approval - Approval of the conversion price amendment requires a simple majority of votes cast at the meeting, with a subsidiary of Dream Unlimited Corp. holding 37% of the Trust's units agreeing to vote in favor [5][6]. - The amendments also require consent from holders of at least 66% of the principal amount of the outstanding debentures, which is anticipated to be obtained [6]. Company Background - Dream Impact Trust focuses on impact investing, with a portfolio of real estate assets aimed at creating positive impacts in areas such as environmental sustainability, affordable housing, and inclusive communities [9].