Fairfax Financial Holdings Limited

Fairfax Financial Holdings Limited

August 02, 2005 09:41 ET

Fairfax Announces The Sale Of Zenith National Insurance Shares

TORONTO, ONTARIO--(CCNMatthews - Aug. 2, 2005) -

(Note: All dollar amounts in this press release are expressed in U.S. dollars.)

Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) announced today that certain of its U.S. subsidiaries have sold an aggregate of 2,000,000 shares of Zenith National Insurance Corp. (NYSE: ZNT) common stock to Wachovia Securities at a net price of $66 per share. Net proceeds from the transaction will be $132 million resulting in a pre-tax realized gain of approximately $79 million.

Following the completion of this trade, Fairfax will continue to hold approximately 3.9 million shares, or approximately 16%, of Zenith common stock, on a fully diluted basis.

Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance, investment management and insurance claims management.

Contact Information

  • Fairfax Financial Holdings Limited
    Bradley P. Martin
    Vice President
    (416) 367-4941