Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 48

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 48
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 Exchange Notes. We are making the Exchange Offer solely to satisfy our obligations
under the Registration Rights Agreement entered into in connection with the offering of the Initial Notes. In consideration for issuing
the Exchange Notes, we will receive Initial Notes in the same aggregate principal amount. We have agreed to pay the expenses of the Exchange
Offer, other than certain taxes. The form and terms of the Exchange Notes will be identical in all material respects to the form and terms
of the Initial Notes, except as otherwise described herein, including under “The Exchange Offer — Terms of the Exchange Offer”.
The Initial Notes surrendered in exchange for the Exchange Notes will be retired and cancelled and will not be reissued. Accordingly,
the issuance of the Exchange Notes will not result in any change in our outstanding indebtedness.

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CONSOLIDATED CAPITALIZATION</div>

The table below sets forth
the Company’s holding company cash and investments and capitalization on a consolidated basis as of December 31, 2024 and does
not reflect certain other transactions of the Company after December 31, 2024, as indicated in the footnotes to the table below.
You should read this table in conjunction with the Company’s audited consolidated financial statements as of and for the years ended
December 31, 2024 and 2023, which are incorporated by reference into this prospectus. As no proceeds will be realized from the Exchange
Offer, the completion of the Exchange Offer will have no material change on our capitalization.

|                                                                 |     | As of        
 December 31, 
 2024         |          |   |
|:----------------------------------------------------------------|:----|:-------------|---------:|:--|
| (in millions of U.S. dollars)                                   |     |              |          |   |
| Holding                                                         
 company cash and investments (net of derivative obligations)(1) |     | $            |  2,502.1 |   |
| Debt(2)                                                         |     |              |          |   |
| Borrowings —                                                    
 holding company                                                 |     | $            |  7,882.4 |   |
| Borrowings                                                      
 — insurance and reinsurance companies                           |     |              |    975.8 |   |
| Borrowings                                                      
 — non-insurance companies                                       |     |              |  2,895.5 |   |
| Total debt                                                      |     |              | 11,753.7 |   |
| Net