Reinsurance News

Fairfax CEO Watsa buys $150mn in additional shares

16th June 2020 - Author: Charlie Wood

Prem Watsa, the Chief Executive Officer of Canadian property & casualty insurance and reinsurance group Fairfax Financial Holdings, has bought additional shares in the company totalling approximately $150 million.

fairfax-financial-logoWatsa’s purchase consists of 482,600 subordinate voting shares.

“At our AGM and on our first quarter earnings release call, I said that our shares are ‘ridiculously cheap’,” He said.

“That statement reflected my recognition that in the 35 years since Fairfax began, I have never seen Fairfax shares sell at a bigger discount to their intrinsic value than they have recently.

“I have now backed up my strong words by purchasing close to US$150 million of Fairfax shares in the market over the last few days, as I believe that this will be an excellent long term investment.”

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