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.
Watsa’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.”
