Fairfax Financial Holdings Ltd.'s diverse insurance operations are leveraging market opportunities, while benefitting from the favorable re/insurance pricing environment, and should further improve the group's underwriting results. Investment earnings could benefit from repositioning of the portfolio as interest rates increase, and earnings from non-insurance operations should pick up as economic activity normalizes. We expect Fairfax's prospective capitalization and debt profile to strengthen from improving earnings and capital management actions, although execution risk persists. We are revising our outlook on Fairfax to positive from stable and affirming our ratings on the holding company and its operating subsidiaries. The positive outlook reflects continuing gains in Fairfax's operating performance and expected improvement in capitalization and debt profile. On May 25, 2021, S&P Global
