Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 102

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 102
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 as, the Notes that are currently issued and outstanding; providedthat such
further Notes will not be issued with the same CUSIP and/or ISIN numbers as the Notes unless such further notes are fungible with the
Notes for U.S. federal income tax purposes.

The Notes are issued in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Indenture does not contain
any provisions that would limit the Company’s or Allied World’s ability to incur indebtedness or that would afford holders
of Notes protection in the event of a highly leveraged or similar transaction involving the Company or Allied World.

<div align='center'>Optional Redemption</div>

Prior to September 15,
2054 (the “Par Call Date”), the Company or Allied World may redeem the Notes at their option, in whole or in part,
at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal
places) equal to the greater of:

| (1) | (a) the sum of the present values                                                              
 of the remaining scheduled payments of principal and interest thereon discounted to the date   
 fixed for redemption of the Notes (assuming the Notes matured on the Par Call Date) on a       
 semi annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury 
 Rate plus 30 basis points less (b) interest accrued to the date of redemption, and             |

| (2) | 100% of the principal amount of the Notes 
 to be redeemed,                           |

plus, in either case, accrued and unpaid interest
to, but excluding, the redemption date. The Company or Allied World will pay any interest due on an Interest Payment Date that occurs
on or prior to a redemption date to the registered holders of the Notes as of the close of business on the Regular Record Date immediately
preceding that Interest Payment Date.

On or after the Par Call
Date, the Company or Allied World may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption
date.

“Treasury Rate”
means, with respect to any redemption date, the yield determined by the Company or Allied World in accordance with the following two
paragraphs.

<div align='center