Strong competitive position based on large and diversified re/insurance operations Improving earnings profile from ongoing repositioning of investments, underwriting actions, and improving re/insurance pricing that should support build-up of capitalization to very strong Exceptional liquidity owing to substantial amount of cash and short-term investments Debt service constrained by moderately high financial leverage and relatively limited investment income, although with an improving outlook Historically volatile operating performance primarily related to the investment strategy, partially offset by good underwriting performance Inherent volatility from property-catastrophe exposure, long-tail casualty reserves, and relatively high tolerance for investment risk Fairfax Financial Holdings Ltd.'s (TSX:FFH; Fairfax) credit profile benefits from the company's large and diversified re/insurance operations that are well established in their respective markets. In addition,
