AM Best Affirms Credit Ratings of Fairfax Financial Holdings Limited, Fairfax (US) Inc., and Zenith National Insurance Corp.

OLDWICK, NJ — AM Best affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) and affirmed the Long-Term Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. In addition, AM Best has affirmed Long-Term ICRs of “a-” (Excellent) Fairfax (US) Inc. (Delaware) and Zenith National Insurance Corp. (headquartered in Woodland Hills, CA), both indirectly, wholly owned by Fairfax’s downstream holding companies. The outlook for these credit ratings (ratings) is stable. (See below for a detailed list of Long Term IRs.)

Fairfax’s estimates show a continued trend of positive profits for the group, including a record underwriting profit in 2025, even with the major crisis activity affecting some of its affiliates in the year. Fairfax’s investments continue to accumulate significant returns and achieve consistent and growing interest and dividends, allowing it to repurchase its shares while maintaining risk-adjusted capitalization at a very strong level. Fairfax’s recovery has allowed the group to compound its book value per share by 18.3% per year, on average, since 1985.

The following Long Term IRs are confirmed with a stable outlook:

Zenith National Insurance Corp.

— “bbb+” (Good) on USD 77.3 million 8.55% lower revolving loan, due 2028

Fairfax Financial Holdings Limited—

— “a-” (Excellent) on CAD 650 million 4.25% senior unsecured notes, due 2027

— “a-” (Excellent) on EUR 750 million 2.75% senior unsecured notes, due 2028

— “a-” (Excellent) for USD 600 4.85% senior unsecured notes, due 2028

— “a-” (Excellent) in CAD 500 million 4.23% senior unsecured notes, due 2029

— “a-” (Excellent) for USD 650 million 4.625% senior unsecured notes, due 2030

— “a-” (Excellent) for USD 600 million 3.375% senior unsecured notes, due 2031

— “a-” (Excellent) in CAD 850 million 3.95% senior unsecured notes, due 2031

— “a-” (Excellent) on USD 750 million 5.625% senior unsecured notes, due 2032

— “a-” (Excellent) on USD 750 million 6% senior unsecured notes, due 2033

— “a-” (Excellent) in CAD 450 million 4.73% senior unsecured notes, due 2034

— “a-” (Excellent) on USD 500 million 5.75% senior unsecured notes, due 2035

— “a-” (Excellent) in CAD 400 million 4.45% senior unsecured notes, due 2035

— “a-” (Excellent) on CAD 400 million 4.40% senior unsecured notes, due 2036

— “a-” (Excellent) on USD 125 million 7.75% senior unsecured notes, due 2037

— “a-” (Excellent) on USD 1 billion 6.35% senior unsecured notes, due 2054

— “a-” (Excellent) in CAD 250 million 5.23% senior unsecured notes, due 2054

— “a-” (Excellent) on USD 400 million 6.50% senior unsecured notes, due 2055

— “a-” (Excellent) on CAD 550 million 5.10% senior unsecured notes, due 2055

— “a-” (Excellent) on USD 600 million 6.1 % senior unsecured notes, due 2055

— “bbb” (Good) on CAD 237.5 million Series K, five-year rate reset preferred shares

The following Long Term IRs are indicative of the securities available on the shelf registrations all of which are guaranteed with a stable outlook:

Fairfax Financial Holdings Limited—

— “a-” (Excellent) in senior unsecured debt

— “bbb+” (Good) in subordinated debt

— “bbb” (Good) for preferred stock

https://www.businesswire.com/news/home/20260603685718/en/