To expand its property and casualty insurance business reach

Fairfax Financial Holdings has received preliminary regulatory approval from the Superintendence of Private Insurance in Brazil (SUSEP) to establish a new wholly-owned Brazilian property and casualty insurance company, Fairfax Brasil Seguros Corporativos S.A.

Fairfax Brasil intends to carry out its operations across Brazil, in all lines of commercial business, with a primary focus on property, energy, casualty, surety, marine, financial lines, special risks, hull and aviation. Fairfax Brasil is headquartered in Sao Paulo, Brazil.

Prem Watsa, chairman and CEO of Fairfax Financial, said: We are pleased to be starting a new insurance venture in the vibrant Brazilian market with a highly respected and successful Brazilian insurance visionary, Jacques Bergman. We look forward to working with Jacques as president of our new venture, Fairfax Brasil, and the many accomplished professionals on his management team to develop the new business and its products.

Jacques Bergman, president of Fairfax Brasil, has over 20 years experience in the Brazilian insurance market, with over 10 years working at various positions in Itau Seguros. Most recently, he was the COO of Itau XL Seguros Corporativos S.A., a commercial insurer in Brazil.