Canadian Underwriter

Fairfax withdraws Crum & Forster IPO

July 9, 2002   by Canadian Underwriter

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Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”.
Fairfax had filed a registration with the U.S. Securities and Exchange Commission in March to offer the common stock.
The company also notes that it has netted US$69 million aggregate cash proceeds by unwinding US$500 million of its total US$1.1 billion in S&P 500 Index puts.

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