Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 138

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 138
---

trust, except in cases where such liability arises from fraud or dishonesty of which such director, officer or auditor may be guilty in
relation to the company. Section 98 further provides that a Bermuda company may indemnify its directors, officers and auditors
against any liability incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their
favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant to section 281 of the Bermuda Companies
Act.

Allied World has adopted
provisions in its bye-laws that provide that it shall indemnify its officers and directors in respect of their actions and omissions,
except in respect of their fraud or dishonesty. Allied World’s bye-laws provide that the shareholders waive all claims
or rights of action that they might have, individually or in right of the company, against any of the company’s directors or officers
for any act or failure to act in the performance of such director’s or officer’s duties, except in respect of any fraud or
dishonesty of such director or officer. Section 98A of the Bermuda Companies Act permits Allied World to purchase and maintain insurance
for the benefit of any officer or director in respect of any loss or liability in respect of any negligence, default, breach of duty or
breach of trust, whether or not we may otherwise indemnify such officer or director. Allied World has purchased and maintains a
directors’ and officers’ liability policy for such a purpose.

Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the Registrants
pursuant to the foregoing provisions, the Registrants have been informed that in the opinion of the U.S. Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.

<div align='center'>II-1</div>

Item 21.Exhibits and Financial Statement Schedules

The following documents are
filed as exhibits hereto:

| Exhibit No. 
 3.1         
 3.2         |     | Articles of Incorporation of Fairfax Financial Holdings Limited (incorporated by reference to Exhibit 3.1                                                                      
 to Fairfax’s Registration Statement on Form F-4, filed with the Commission on February 15, 2017)                                                                               
 Certificate of Amendment of the Articles of Fairfax Financial Holdings Limited (incorporated by