Fairfax Financial Holdings Ltd. Chief Executive Officer Prem Watsa said he wants to boost his company’s stake in an insurance venture with India’s ICICI Bank Ltd. when rules allow for increased foreign ownership.
Fairfax Financial Holdings Ltd., which has largely bet against financial companies since 2003, plans to maintain its holdings in Wells Fargo & Co. and U.S. Bancorp, Chief Executive Officer Prem Watsa said.
Research In Motion Ltd. shareholder Fairfax Financial Holdings Ltd. almost doubled its stake in the BlackBerry maker, making it RIM’s biggest investor and offering a vote of confidence to the ailing Canadian company.
Investors are showing more confidence in Fairfax Financial Holdings Ltd. ’s debt than they have in at least six years after Chief Executive Officer Prem Watsa ’s bets against U.S. financial companies made it the most profitable insurer in Canada.
BlackBerry Ltd.’s decision to consider takeover offers is fueling speculation that investors could band together to keep the company in Canadian hands, avoiding the national embarrassment that followed Nortel Networks Corp.’s failure four years ago.