Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 2

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 2
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 National” refers to our wholly-owned U.S. workers’ compensation insurance business, Zenith National
Insurance Corp. and its subsidiaries; and the term “Eurolife” refers to our majority-owned Greek life and non-life insurer,
Eurolife FFH Insurance Group Holdings S.A.

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ABOUT THIS PROSPECTUS</div>

You should rely only on the
information contained in or incorporated by reference in this prospectus. We have not authorized any other person to provide you with
different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should not assume
that the information provided by this prospectus is accurate as of any date other than the date on the front of this prospectus. Our business,
financial condition, results of operations and prospects may have changed since then. The Exchange Notes are being offered only in jurisdictions
in which offers and sales are permitted. When the term “Notes” is used in this prospectus, the term includes the Initial Notes
and the Exchange Notes unless otherwise indicated or the context otherwise requires. The terms of the Exchange Offer and Exchange Notes
are summarized below and are more fully described in this prospectus.

You should read this prospectus
carefully before you invest. This prospectus contains important information you should consider when making your investment decision and
incorporates by reference business and financial information about us that is not included in or delivered with this prospectus. Copies
of the documents incorporated by reference herein and the Indenture (as defined below) may be obtained without charge by writing to us
at 95 Wellington Street West, Suite 800, Toronto, Ontario, M5J 2N7. Attention: Corporate Secretary. Our telephone number at that
address is (416) 367-4941. To ensure timely delivery of requested information, you must make your request to us no later than five business days prior to the Expiration Date of the Exchange Offer.

We are making the Exchange
Offer as a foreign issuer in the United States. Prospective investors should be aware that such requirements are different from those
in the United States. The financial statements incorporated herein by reference have been prepared in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Thus,
such financial statements may not be comparable to financial statements of U.S. companies.

Each broker-dealer that receives
Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that