The counterparty credit rating on Fairfax Financial Holdings Ltd. (FFH) is based on 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 catastrophes, an above average tolerance for market risk, and cyclical industry conditions. FFH's strong and competitive market position is based on its sizable geographic footprint and sector diversification. Its four principal operating units include wholly-owned Odyssey Re, Northbridge Financial, Crum&Forster and Zenith National. Odyssey Re, a mid-size global reinsurer, represents approximately 40% of Fairfax's premium production and ongoing balance sheet. Northbridge Financial's units collectively are Canada's leading commercial insurance provider. Crum&Forster is a competitive specialty commercial
