AM Best Affirms Credit Ratings of Fairfax Financial Holdings Limited, Fairfax (US) Inc., and Zenith National Insurance Corp.
AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) and affirmed the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. In addition, AM Best has affirmed the Long-Term ICRs of “a-” (Excellent) of Fairfax (US) Inc. (Delaware) and Zenith National Insurance Corp. (headquartered in Woodland Hills, CA), both of which are indirectly, wholly owned downstream holding companies of Fairfax. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of Long-Term IRs.)
Fairfax’s ratings reflect the group’s continued favorable earnings trend, which includes record underwriting profits in 2025, even with significant catastrophe activity impacting some of its affiliates in the year. Fairfax’s investments continue to accrue significant capital gains and earn steady and increasing interest and dividends, allowing it to repurchase its own shares while keeping its risk-adjusted capitalization at the strongest level. Fairfax’s returns have allowed the group to compound its book value per share at an 18.3% rate annually, on average, since 1985.
