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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "The slide uses a 'fraud-exposure' framework to characterize standard corporate transactions as deceptive accounting practices.",
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      "text": "Odyssey and Brit Transactions Are, In Substance, Financing Transactions That Allow Fairfax to Boost Book Value by $429.1 Million and $115.4 Million in 2021",
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      "text": "Fairfax issued shares equivalent to 9.99% of Odyssey to CPPIB and OMERS in December 2021, this transaction enabled Fairfax to boost book value by $429.1 million. Alongside the share issuance Fairfax receives a call option to buy the stake back.",
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      "text": "Odyssey is a provider of Reinsurance and Specialty Insurance, prior to this transaction it was 100% owned by Fairfax. Brit is also a provider of Reinsurance and Specialty insurance, prior to this transaction it was 100% owned by Fairfax.",
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      "text": "CPPIB and OMERS are Canadian Pension plans, as discussed supra, we frequently see OMERS on the other side of similar transactions with Fairfax.",
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      "text": "Fairfax issued shares equivalent to 13.9% of Brit to OMERS in August 2021, this transaction enabled Fairfax to boost book value by $115.4 million. Alongside the share issuance Fairfax receives a call option to buy the stake back.",
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