Fairfax chairman Prem Watsa spends nearly US$150 million to buy more shares of the company
The chairman and CEO of Fairfax Financial Holdings Ltd. has spent nearly US$150 million to purchase thousands of additional company shares. The Toronto-based company says Prem Watsa bought 482,600 subordinate voting shares over the last few days in the market. The company is engaged in property and casualty insurance and reinsurance and investment management.
Fairfax chairman Prem Watsa spends nearly US$150 million to buy more shares of the company

The Canadian Press

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Prem Watsa, CEO of Fairfax Financial Holdings, speaks during the company's annual general meeting in Toronto on Wednesday, April 9, 2014. (THE CANADIAN PRESS / Nathan Denette)

TORONTO - The chairman and CEO of Fairfax Financial Holdings Ltd. has spent nearly US$150 million to purchase thousands of additional company shares.

The Toronto-based company says Prem Watsa bought 482,600 subordinate voting shares over the last few days in the market.

Watsa says in a news release that he told shareholders at the company's recent annual meeting and earnings call that the company's shares are “ridiculously cheap.”

In 35 years since Fairfax began, Watsa says he's never seen Fairfax shares sell at a bigger discount to their intrinsic value.

He says he backed up his words by purchasing the shares “as I believe that this will be an excellent long-term investment.”

Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.

This report by The Canadian Press was first published June 15, 2020.