The counterparty credit rating on Fairfax Financial Holdings Ltd. (FFH) incorporates the company's strong and geographically diversified business profile, strong investment management, and a strong consolidated financial profile. Partially offsetting these positive factors are the company's exposure to market risk, cyclical industry conditions and natural catastrophes, as well as sizable, though decreasing, run-off liability exposures. FFH's strong and competitive market position is based on its sizable geographic footprint and sector diversification. Its three principal operating units include wholly owned Odyssey Re, Northbridge Financial, and Crum&Forster. Odyssey Re, a midsize global reinsurer, represents almost one-half of Fairfax's premium production and ongoing balance sheet. Northbridge Financial's units collectively make up Canada's leading commercial insurance provider, and Crum&Forster is
