Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 2

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 2
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 for the Initial Notes. We do not intend to list the Exchange Notes on any securities exchange and, therefore, no active public
market is anticipated.

Before participating in the Exchange Offer, please carefully read this prospectus, including the section entitled “Risk Factors” commencing on page 10.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) OR ANY CANADIAN SECURITIES REGULATORY AUTHORITY, NOR HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

<div align='center'>The date of this prospectus is , 2025

TABLE OF CONTENTS</div>

|                                       | Page |
| ABOUT THIS PROSPECTUS                 |   ii |
| PRESENTATION OF FINANCIAL INFORMATION |  iii |
| DOCUMENTS INCORPORATED BY REFERENCE   |  iii |
| WHERE YOU CAN FIND MORE INFORMATION   |  iii |
| ENFORCEABILITY OF CIVIL LIABILITIES   
 AGAINST FOREIGN PERSONS               |   iv |
| FORWARD-LOOKING INFORMATION           |   iv |
| SUMMARY                               |    1 |
| RISK FACTORS                          |   10 |
| USE OF PROCEEDS                       |   29 |
| CONSOLIDATED CAPITALIZATION           |   30 |
| THE EXCHANGE OFFER                    |   31 |
| INSURANCE REGULATORY MATTERS          |   39 |
| DESCRIPTION OF THE NOTES              |   58 |
| CERTAIN ERISA CONSIDERATIONS          |   70 |
| CERTAIN UNITED STATES FEDERAL         
 INCOME TAX CONSIDERATIONS             |   72 |
| CERTAIN BERMUDA CONSIDERATIONS        |   73 |
| CERTAIN CANADIAN FEDERAL INCOME       
 TAX CONSIDERATIONS                    |   75 |
| PLAN OF DISTRIBUTION                  |   76 |
| LEGAL MATTERS                         |   77 |
| INDEPENDENT REGISTERED PUBLIC         
 ACCOUNTING FIRM                       |   78 |

Unless the context otherwise requires, the term
“Fairfax” or the “Company” refers to Fairfax Financial Holdings Limited and its subsidiaries; the term “Allied
World” refers to Allied World Assurance Company Holdings, Ltd, our majority-owned Bermuda-based holding company that, through