August 16, 2022

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JAB’s Puppy Insurance policy Undertaking to Acquire International Puppy Insurance policy Operations of Fairfax Financial, Expanding Its Presence inside the Fast-Emerging Industry

WASHINGTON & TORONTO–(BUSINESS WIRE)–JAB Retaining Company (“JAB”) and Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) within the provide day presented a transformational strategic partnership, wherein JAB’s puppy insurance plans endeavor has agreed to accumulate all of Fairfax’s interests inside the Crum & Forster Puppy Insurance policy Workforce™ (“C&F Puppy”) and Pethealth Inc., along side all in their international operations. As part of the transaction, Fairfax will also make a $200 million1 investment in JCP V, JAB’s latest shopper fund.

As a result of the transaction, wherein Fairfax will download $1.4 billion inside of the kind of $1.15 billion cash and $250 million in dealer notes, JAB’s blended world puppy insurance plans and ecosystem platform can also be estimated to have gross written premiums and puppy neatly being firms revenues of correctly over $1.2 billion through 2023, insuring more than 2.1 million pets. The puppy insurance plans business, which has been expanding at a fee of more or less 20% in line with three hundred and sixty five days on a global basis, is predicted to continue to look a couple of years of normal, robust building, driven through enticing long-term tendencies in petcare and important choices to extend penetration, in particular inside of the United States and Canadian markets that have less than 3% penetration. C&F Puppy within the provide day insures over 500,000 pets and markets or serves as underwriter for moderately a couple of producers, along side ASPCA® Puppy Smartly being Insurance policy, 24Petprotect, Hartville Puppy Insurance policy, Spot Insurance policy Corporations, Pumpkin Insurance policy Corporations and PetCoach, LLC (provider of Petco puppy insurance plans) in the US and Pets Plus Us in Canada. Pethealth provides wellbeing and safety choices to shelters and puppy parents beneath the 24Pet style, which contains the 24Petwatch Registry with over 20 million registered pets.

“Fairfax is also very pleased to go along with Olivier Goudet and JAB Retaining Company,” mentioned Prem Watsa, the Founder, Chairman and CEO of Fairfax. ”JAB has had a very good track file over the former 10 years and we await this to continue. While we’ve were given purchased our puppy insurance plans endeavor to JAB, we’re going to invest $200 million in their JCP V to turn into their partners. We await JAB to briefly turn into leaders in puppy healthcare and puppy insurance plans globally. We would like them so much good fortune.”

“We’re extremely excited to go along with Prem and his team in this transformational transaction, and to welcome them as a affiliate in our fund,” mentioned Olivier Goudet, Managing Partner and CEO of JAB. “Prem has an not possible multi-decade track file of creating great firms and compounding returns, and we stay up for accelerating the growth in their puppy insurance plans endeavor as part of our centered pure-play puppy insurance plans platform.”

“At the moment’s transaction is a vital milestone for us in our venture to turn into a global leader in puppy insurance plans and the puppy neatly being ecosystem,” mentioned Dirk Beeckman, CEO of JAB’s puppy insurance plans portfolio. “It moreover significantly advances our venture of providing the primary neatly being and wellbeing ecosystem for pets by way of the offering of somewhat priced, entire puppy products and kinds all over a puppy’s lifecycle. C&F Puppy‘s long history of disciplined omni-channel underwriting fits utterly with our custom, and we stay up for running with the team.”

“We’re extremely proud of what we’ve were given built and finished jointly inside the animal welfare team and the puppy insurance plans ecosystem,” mentioned Gary McGeddy, President of Crum & Forster A&H. “We’re confident that JAB will continue to take a position and maintain pets and puppy parents while emerging their world presence and we’re excited regarding the long run and our partnership.”

The transaction is matter to commonplace remaining instances, along side various regulatory approvals, and is predicted to close inside of the second one part of 2022.

About JAB

JAB Retaining Company invests in consumer-focused industries with enticing long-term dynamics, along side robust building possibilities, enticing margin and cash circulate characteristics, and showed resiliency. At the side of JAB Shopper Partners, JAB Retaining Company is the most important shareholder of Keurig Dr Pepper, a pacesetter inside the North American beverage marketplace, and has controlling stakes in JDE Peet’s, the most important pure-play fast-moving shopper pieces coffee company on the earth; NVA, one of the global’s greatest animal care firms platforms; Independence Puppy Workforce, a primary provider of puppy insurance plans; Krispy Kreme Doughnut, a global leader in doughnuts and other premium-quality sweet treats; Panera Producers, one of the global’s greatest fast casual eating place companies, which contains Panera Bread, Caribou Coffee and Einstein Bagels; Pret A Manger, a primary company inside the ready-to-eat foods marketplace; and Coffee House, the most important branded coffee retailer chain in Scandinavia. JAB Retaining Company may also be the most important shareholder in Coty Inc., a global leader in elegance, and owns sumptuous pieces company Bally.

About Fairfax

Fairfax Financial Holdings Limited is a conserving company which, by way of its subsidiaries, is basically engaged in assets and casualty insurance plans and reinsurance and the similar investment management.

About Crum & Forster Puppy

For over two decades, Crum & Forster Puppy Insurance policy Workforce™ has been devoted to helping folks get admission to unswerving and somewhat priced puppy insurance plans. From regimen assessments to sudden illnesses, our plans can also be discovered to puppy parents of cats and dog. Plans are customizable primarily based most commonly on explicit particular person desires, along side coverage levels, protection limits, and deductibles. We delight ourselves on pioneering new tendencies inside the business. Crum & Forster Puppy Insurance policy Workforce is founding member of the North American Puppy Smartly being Insurance policy Association (NAPHIA). Pethealth Inc. supplies puppy firms by way of two producers 24Pet and VioVet. 24Pet are the experts in out of place puppy choices, puppy adoptions, animal welfare and safe haven assist. A family of platforms, firms, products, and people, obsessed with pets. From connecting them with loving families, to protecting and helping maintain them pleased, healthy, and home. VioVet is a UK registered veterinary online puppy store that gives quite a lot of puppy and horse supplies, along side prescription and non-prescription medicine, nutritional dietary supplements, foods, toys and further.

About Independence Puppy Workforce

Independence Puppy Workforce is an integrated, full-stack puppy insurance plans platform indirectly majority owned through JAB Retaining Company. It supplies a whole range of underwriting alternatives, turnkey affiliate choices, and consumer-facing insurance plans products by way of its wholly non-public subsidiary, Independence American Insurance policy Company, a primary provider of underwriting firms to the puppy insurance plans sector with licenses in all 50 states. It’s also a majority shareholder in Puppy Partners, Inc., which distributes and administers by way of world-class puppy insurance plans producers AKC Puppy Insurance policy and its worksite style, PetPartners. PetPartners in turn owns Figo, a primary direct-to-consumer style which uses a very engaging and cellular delightful Puppy Cloud that allows consumers to maintain their puppy’s healthcare, socially engage with fellow puppy parents, and easily discover and in finding firms within the puppy ecosystem, and 3rd Birthday celebration Puppy, providing endeavor firms to breeders, puppy shops and their possibilities ranging from are living puppy inventory management tool program, scheduling and facilitating adoptions, micro-chip and registration firms and customized puppy products.

Forward Making an attempt Statements

Certain statements contained herein may constitute forward-looking statements and are made pursuant to the “safe harbour” provisions of the US Non-public Securities Litigation Reform Act of 1995 and related Canadian securities prison tips. Particularly, statements regarding the transaction described above and the words thereof (along side relating to the words, instances and the timing for remaining of the proposed transaction described above) are forward-looking statements. Such forward-looking statements are matter to known and unknown risks, uncertainties and other parts which is able to cause the correct results, potency or achievements of Fairfax to be materially completely other from any long run results, potency or achievements expressed or implied through such forward-looking statements. Such parts embrace, then again are most often no longer limited to: failure to complete the transaction described above which is matter to commonplace instances; bargain in web profits if our loss reserves are insufficient; underwriting losses at the risks we insure that are better or lower than expected; the superiority of catastrophic events with a frequency or severity exceeding our estimates; changes in marketplace variables, along side interest rates, out of the country change fees, equity prices and credit score rating spreads, which would possibly negatively impact our investment portfolio; risks associated with the global pandemic caused by a unique drive of coronavirus (“COVID-19”), and the related world bargain in trade and really extensive downturns in stock markets international; the cycles of the insurance plans marketplace and standard monetary instances, which would possibly significantly impact our and our fighters’ top rate fees and capacity to jot down down new endeavor; insufficient reserves for asbestos, environmental and other latent claims; exposure to credit score rating danger inside the instance our reinsurers fail to make finances to us beneath our reinsurance arrangements; exposure to credit score rating danger inside the instance our insureds, insurance plans manufacturers or reinsurance intermediaries fail to remit premiums that are owed to us or failure through our insureds to reimburse us for deductibles that are paid through us on their behalf; our incapacity to take care of our longer term debt scores, the lack of our subsidiaries to take care of financial or claims paying capacity scores and the affect of a downgrade of such scores on spinoff transactions that we or our subsidiaries have entered into; risks associated with imposing our endeavor strategies; the timing of claims finances being faster or the receipt of reinsurance recoverables being later than expected through us; risks associated with any use shall we make of spinoff gadgets; the failure of any hedging methods shall we employ to score their desired danger management purpose; a decrease inside the degree of call for for insurance plans or reinsurance products, or increased competition inside the insurance plans business; the affect of emerging claim and coverage issues or the failure of any of the loss limitation methods we employ; our incapacity to access cash of our subsidiaries; our incapacity to procure required levels of capital on recommended words, if the least bit; the loss of key body of workers; our incapacity to procure reinsurance coverage in sufficient amounts, at reasonable prices or on words that adequately protect us; the passage of rules subjecting our firms to further adverse prerequisites, supervision or law, along side further tax law, in the US, Canada or other jurisdictions wherein we serve as; risks associated with government investigations of, and litigation and damaging exposure related to, insurance plans business practice or another behavior; risks associated with political and other tendencies in out of the country jurisdictions wherein we serve as; risks associated with licensed or regulatory court cases or important litigation; screw ups or protection breaches of our computer and information processing strategies; the impact exercisable through our important shareholder; adverse fluctuations in out of the country foreign exchange change fees; our dependence on independent agents over whom we teach little control; impairment of the sporting value of our goodwill, indefinite-lived intangible property or investments in buddies; our failure to realize deferred income tax property; technological or other exchange which adversely affects call for, or the premiums payable, for the insurance plans coverages we offer; disruptions of our information experience strategies; exams and shared marketplace mechanisms which is able to adversely impact our insurance plans subsidiaries; adverse consequences to our endeavor, our investments and our staff resulting from or related to the COVID-19 pandemic; and the failure to complete or understand the expected benefits of the transaction described above. Additional risks and uncertainties are described in Fairfax’s maximum in recent times issued Annual File which is on the market at www.fairfax.ca and in Fairfax’s Base Shelf Prospectus (beneath “Danger Components”) filed with the securities regulatory government in Canada, which is on the market on SEDAR at www.sedar.com. Fairfax disclaims any purpose or legal responsibility to switch or revise any forward-looking statements, whether or not or no longer because of new information, long run events or in some other case, but even so as required through related securities regulation.

1 All buck amounts inside the data release are expressed in U.S. {bucks} till in some other case well-known.

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