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

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) and affirmed the Long-Term Issue 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 the Long-Term ICRs of “a-” (Excellent) of Fairfax (US) Inc. (Delaware) and Zenith National Insurance Corp. (headquartered in Woodland Hills, CA), both of which are indirectly, wholly owned downstream holding companies of Fairfax. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of Long-Term IRs.)

Fairfax’s ratings reflect the group’s continued favorable earnings trend, which includes record underwriting profits in 2025, even with significant catastrophe activity impacting some of its affiliates in the year. Fairfax’s investments continue to accrue significant capital gains and earn steady and increasing interest and dividends, allowing it to repurchase its own shares while keeping its risk-adjusted capitalization at the strongest level. Fairfax’s returns have allowed the group to compound its book value per share at an 18.3% rate annually, on average, since 1985.

The following Long-Term IRs have been affirmed with stable outlooks:

Zenith National Insurance Corp.—

-- “bbb+” (Good) on USD 77.3 million 8.55% subordinated deferrable debentures, 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) on USD 600 million 4.85% senior unsecured notes, due 2028

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

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

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

-- “a-” (Excellent) on 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) on 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) on 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) on 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 cumulative, five-year rate reset preferred shares

The following indicative Long-Term IRs on securities available on the universal shelf registration have been affirmed with stable outlooks:

Fairfax Financial Holdings Limited—

-- “a-” (Excellent) on senior unsecured debt

-- “bbb+” (Good) on subordinated debt

-- “bbb” (Good) on preferred shares

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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