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                                                                   EXHIBIT 10.15

                          MASTER REPURCHASE AGREEMENT

     Effective as of July 1, 2000 by and between Crum & Forster Indemnity
Company ("C&F Indemnity") and Fairfax Financial Holdings Limited ("Fairfax").

     WHEREAS, C&F Indemnity, in the normal course of its business, may from time
to time agree to pay claims to policyholders that require it to sell or
otherwise liquidate certain securities or other invested assets in order to
raise sufficient cash to make such payments; and

     WHEREAS, C&F Indemnity typically pays policyholder claims prior to
receiving reimbursement for such claims from its reinsurers, requiring C&F
Indemnity to make cash payments on claims that can greatly exceed its ultimate
net liability for such claims and creating a timing gap between payments by C&F
Indemnity and recovery from its reinsurers; and

     WHEREAS, Fairfax, as the indirect owner of C&F Indemnity, has an interest
in maximizing the return on invested assets of C&F Indemnity; and

     WHEREAS, Fairfax seeks to assist C&F Indemnity in managing its cash flow to
eliminate or minimize investment losses resulting from the sale or liquidation
of securities in order to cover short-term cash requirements.

     NOW, THEREFORE, for due and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

1.   TRANSACTIONS

     From time to time, the parties hereto may enter in to transactions (each a
     "Transaction") in which C&F Indemnity agrees to transfer to Fairfax certain
     securities ("Securities") against the transfer of an amount in United
     States dollars equal to the fair market value of such Securities on the
     date of transfer, such amount not to exceed U.S. $5,000,000 singly or, when
     combined with amounts then outstanding from any other Transaction, in the
     aggregate (the "Purchase Price") by Fairfax to C&F Indemnity and Fairfax
     agrees to transfer to C&F Indemnity such Securities on a date to be agreed
     by Fairfax and C&F Indemnity and which shall be on or before December 31 of
     the year during which such transfer is made (the "Repurchase Date"),
     against the transfer of funds by C&F Indemnity.

2.   REPURCHASE

     C&F Indemnity shall repurchase the Securities from Fairfax on or before the
     Repurchase Date for an amount not to exceed the sum of the Purchase Price
     and the aggregate amount obtained by daily application of the stated
     interest rate of each Security to the Purchase Price paid for such Security
     on a 360 day per year basis for the actual number of days during the period
     commencing on the (and including) the Purchase Date and ending on (but
     excluding) the Repurchase Date.

3.   INCOME PAYMENTS

     C&F Indemnity shall be entitled to receive, with respect to any Security at
     any time, an amount equal to any principal thereof and all interest,
     dividends or other distributions thereon ("Income") paid or distributed in
     respect of the Securities that are not otherwise received by C&F Indemnity
     to the full extent it would be so entitled if the Securities had not been
     sold to Fairfax. Fairfax shall, as the parties may agree (or, in the
     absence of any such agreement, as Fairfax shall reasonably determine in its
     discretion), on the date such Income is paid or distributed either (i)
     transfer to or credit to the accounts of C&F Indemnity such Income with
     respect to any Securities or (ii) with respect to Income paid in cash,
     apply the Income payment or payments to reduce the amount, if any, to be
     transferred to Fairfax by C&F Indemnity upon termination of the
     Transaction.

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4.   SECURITY INTEREST

     Although the parties intend that the Transaction be a sale and purchase and
     not a loan, in the event the Transaction is deemed to be a loan, C&F
     Indemnity shall be deemed to have pledged to Fairfax as security for the
     performance by C&F Indemnity of its obligations under the Transaction, and
     shall be deemed to have granted to Fairfax a security interest in, all of
     the Securities and all income thereon and other proceeds thereof.

5.   PAYMENT AND TRANSFER

     Unless otherwise mutually agreed, all transfers of funds hereunder shall be
     in immediately available funds. All Securities transferred by one party
     hereto to the other party (i) shall be in suitable form for transfer or
     shall be accompanied by duly executed instruments of transfer or assignment
     in blank and such other documentation as the party receiving possession may
     reasonably request, (ii) shall be transferred on the book-entry system of a
     Federal Reserve Bank, or (iii) shall be transferred by any other method
     mutually acceptable to C&F Indemnity and Fairfax.

6.   SEGREGATION OF SECURITIES

     To the extent required by applicable law, all Securities in the possession
     of Fairfax shall be segregated from other securities in its possession and
     shall be identified as subject to this Agreement. Segregation may be
     accomplished by appropriate identification on the books and records of the
     holder, including a financial or securities intermediary or a clearing
     corporation. All of C&F Indemnity's interest in the Securities shall pass
     to Fairfax on the Purchase Date and, unless otherwise agreed by Fairfax and
     C&F Indemnity, nothing in this Agreement shall preclude Fairfax from
     engaging in repurchase transactions with the Securities or otherwise
     selling, transferring, pledging or hypothecating the Securities, but no
     such transaction shall relieve Fairfax of its obligations to transfer
     Securities to C&F Indemnity pursuant to Paragraph 2 hereof, or of Fairfax's
     obligation to credit or pay Income to, or apply Income to the obligations
     of, C&F Indemnity pursuant to Paragraph 3 hereof.

7.   NOTICES AND OTHER COMMUNICATIONS

     Any and all notices or other communications hereunder shall be given by
     mail or facsimile as follows:

<Table>
    <S>                <C>
    To Fairfax:        Fairfax Financial Holdings Limited
                       95 Wellington Street West, Suite 800
                       Toronto, Ontario, Canada M5J 2N7
                       Facsimile: 416-367-2201
                       Attention: Chief Financial Officer
    To C&F Indemnity:  Crum & Forster Indemnity Company
                       305 Madison Avenue
                       Morristown, New Jersey 07960
                       Facsimile: 973-490-6612
                       Attention: Chief Financial Officer
</Table>

8.   ENTIRE AGREEMENT; SEVERABILITY

     This Agreement shall supersede any existing agreements between the parties
     concerning the subject matter hereof. Each provision and agreement herein
     shall be treated as separate and independent from any other provision or
     agreement herein and shall be enforceable notwithstanding the
     unenforceability of any such other provision or agreement.

9.   GOVERNING LAW

     This Agreement shall be governed by the laws of the State of New York
     without giving effect to the conflict of law principles thereof.

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10. COUNTERPARTS

     This Agreement may be executed in two counterparts, each of which shall be
     deemed an original, but all of which together shall constitute one and the
     same instrument.

                                          FAIRFAX FINANCIAL HOLDINGS LIMITED

                                          By:  /s/ BRADLEY P. MARTIN
                                            ------------------------------------
                                              Bradley P. Martin
                                              Title: Vice President

                                          CRUM & FORSTER INDEMNITY COMPANY

                                          By:  /s/ MARY JANE ROBERTSON
                                            ------------------------------------
                                              Mary Jane Robertson
                                              Title: Executive Vice President,
                                              CFO and Treasurer

                                          By:  /s/ VALERIE GASPARIK
                                            ------------------------------------
                                              By: Valerie Gasparik
                                              Title: Secretary

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