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Fairfax Financial Holdings

Title: Fairfax Financial Holdings
Category: Finance
Clicks: 0
Added on: Nov 26, 2011
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Fairfax Financial Holdings is a Toronto-based financial holding, specializing in life, casualty, and property insurance, investment management, reinsurance, and insurance claims management. The company is listed under the ticker FFH on TSX, and its main competitors are General Re Corporation, ACE Limited, The Travelers Companies, Inc., and others. The company was established in 1951 as Markel Service of Canada Ltd. In 1985, it began trading on the Toronto Stock Exchange and in 1996, it purchased Skandia America Reinsurance Corp., a key property-casualty reinsurance company. Fairfax Financial became one of the twenty largest reinsurers in the world in 1997. In 2003, it spun off its business units in Canada. The reinsurance and insurance companies of Fairfax Financial have autonomous management teams and operate on a decentralized basis. They apply a focused underwriting strategy and offer a wide selection of casualty and property products as to maintain a diversified portfolio and reduce risks across geographic areas and classes of business. Fairfax Financial operates through its subsidiaries, Crum & Forster, Northbridge Financial, Odyssey Re, and Zenith Insurance Company. Odyssey Re underwrites facultative and treaty reinsurance and has four divisions: US Insurance, London Market, EuroAsia, and Americas. The company offers surety and personal umbrella products, management liability products, and healthcare products. The Toronto-based Northbridge Financial offers casualty and property insurance products through its subsidiaries Markel, Lombard, Federated, and Commonwealth. The company offers its portfolio of products on the Canadian market and on selected international and US markets. The Zenith Insurance Company is a wholly owned subsidiary, which specializes in workers' compensation insurance and offers auto and liability insurance to California-based agricultural businesses. Based in New Jersey, Crum and Forster offers casualty and property insurance. CICI Lombard GIC Ltd is a general insurance company and the largest of its kind in the private sector in India. The company offers travel insurance, home and motor insurance, export, liability, and business solutions, as well as NRI solutions such as parent’s travel insurance and parent’s health insurance. Other subsidiaries of Fairfax Financial are Cunningham Lindsey, Hamblin Watsa Investment Counsel, Falcon Insurance, First Capital, and others.
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