Fairfax Financial Holdings Ltd. has large and diversified re/insurance operations, and an improving earnings and capitalization profile, which are partially offset by exposure to property-catastrophe, an active approach to investment management, and an acquisitive business strategy that can heighten volatility. We are affirming our 'A-' long-term financial strength and issuer credit ratings on Fairfax's core operating subsidiaries, and our 'BBB-' issuer credit rating on Fairfax. The positive outlook reflects the expectation of operating performance improvement from an increase in investment and underwriting income, which should progressively improve Fairfax's ability to service the company's financial obligations and strengthen capitalization. On July 24, 2019, S&P Global Ratings affirmed its 'BBB-' long-term issuer credit rating on Fairfax Financial Holdings Ltd. (TSX:FFH). At the
