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Total Equity (Tables)
12 Months Ended
Dec. 31, 2020
Share Capital, Reserves And Other Equity Interest [Abstract]  
Disclosure of classes of share capital
The number of shares outstanding was as follows:
20202019
Subordinate voting shares – January 1
26,082,299 26,489,177 
Purchases for cancellation(343,871)(249,361)
Treasury shares acquired(457,603)(229,189)
Treasury shares reissued146,911 71,672 
Subordinate voting shares – December 31
25,427,736 26,082,299 
Multiple voting shares – beginning and end of year
1,548,000 1,548,000 
Interest in multiple and subordinate voting shares held through ownership interest in shareholder – beginning and end of year
(799,230)(799,230)
Common stock effectively outstanding – December 31
26,176,506 26,831,069 
Dividends paid
Dividends paid by the company on its outstanding multiple voting and subordinate voting shares were as follows:
Date of declarationDate of recordDate of paymentDividend per shareTotal cash payment
January 5, 2021January 21, 2021January 28, 2021$10.00$272.1
January 3, 2020January 17, 2020January 28, 2020$10.00$275.7
January 3, 2019January 18, 2019January 28, 2019$10.00$278.0
Schedule of preferred shares
The terms of the company's cumulative five-year rate reset preferred shares at December 31, 2020 were as follows:
Next possible redemption and conversion date(1)(2)
Number of shares
outstanding(3)
Carrying value(3)
Stated capital(3)
Liquidation
preference
per share
Fixed dividend
rate per annum
Floating dividend rate per annum(4)
Series CDecember 31, 20247,515,642 $170.8 Cdn $187.9    Cdn $25.00 4.71 %— 
Series DDecember 31, 20242,484,358 $56.4 Cdn $62.1    Cdn $25.00 — 3.26 %
Series EMarch 31, 20255,440,132 $124.5 Cdn $136.0    Cdn $25.00 3.18 %— 
Series FMarch 31, 20252,099,046 $48.1 Cdn $52.5    Cdn $25.00 — 2.27 %
Series GSeptember 30, 20257,719,843 $182.1 Cdn $193.0    Cdn $25.00 2.96 %— 
Series HSeptember 30, 20252,280,157 $53.8 Cdn $57.0    Cdn $25.00 — 2.67 %
Series IDecember 31, 202510,420,101 $250.5 Cdn $260.5    Cdn $25.00 3.33 %— 
Series JDecember 31, 20251,579,899 $38.0 Cdn $39.5    Cdn $25.00 — 2.96 %
Series KMarch 31, 20229,500,000 $231.7 Cdn $237.5    Cdn $25.00 4.67 %— 
Series MMarch 31, 20259,200,000 $179.6 Cdn $230.0    Cdn $25.00 5.00 %— 
$1,335.5 Cdn $1,456.0 
(1)    Fixed and floating rate cumulative preferred shares are redeemable by the company at each stated redemption date and on each subsequent five-year anniversary date at Cdn$25.00 per share.
(2)    Holders of Series C, Series E, Series G, Series I, Series K and Series M fixed rate cumulative preferred shares will have the option to convert their shares into Series D, Series F, Series H, Series J, Series L and Series N floating rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. Holders of Series D, Series F, Series H and Series J floating rate cumulative preferred shares will have the option to convert their shares into Series C, Series E, Series G and Series I fixed rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date.
(3)    For each series of preferred shares, the number of shares outstanding, carrying value and stated capital have remained consistent at January 1, 2019 and December 31, 2019 and December 31, 2020 except for the conversions described below.
(4)    The Series D, Series F, Series H, and Series J preferred shares, and the Series L and Series N preferred shares (of which none are currently issued), have a floating dividend rate equal to the three-month Government of Canada treasury bill yield plus 3.15%, 2.16%, 2.56%, 2.85%, 3.51% and 3.98% respectively, with rate resets at the end of each calendar quarter.
Schedule of AOCI
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax was comprised as follows:
December 31, 2020December 31, 2019
Pre-tax
amount
(Provision for) recovery of income taxAfter-tax
amount
Pre-tax
amount
(Provision for) recovery of income taxAfter-tax
amount
Items that may be subsequently reclassified to net earnings
Foreign currency translation losses(550.8)12.2 (538.6)(423.4)1.4 (422.0)
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans43.7 (12.3)31.4 (79.3)(2.4)(81.7)
(507.1)(0.1)(507.2)(502.7)(1.0)(503.7)
Items that will not be subsequently reclassified to net earnings
Net losses on defined benefit plans
(214.9)54.7 (160.2)(147.7)36.2 (111.5)
Share of net losses on defined benefit plans of associates
(159.1)18.2 (140.9)(120.9)15.1 (105.8)
Other
(0.8)10.1 9.3 (0.8)10.1 9.3 
(374.8)83.0 (291.8)(269.4)61.4 (208.0)
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax
(881.9)82.9 (799.0)(772.1)60.4 (711.7)
Disclosure of non-controlling interests
Details of non-controlling interests as at and for the years ended December 31 were as follows:
December 31, 2020December 31, 2019Net earnings (loss) attributable to non-controlling interests
 Domicile
Voting percentage(8)
Carrying value
Voting percentage(8)
Carrying value20202019
Insurance and reinsurance companies
Allied World(1)
Bermuda29.1 %1,329.0 29.9 %1,256.3 106.6 88.1 
Brit(2)
U.K.— 121.7 10.7 %197.4 (10.9)15.8 
All other(3)
— 381.1 — 90.9 10.9 4.3 
1,831.8 1,544.6 106.6 108.2 
Non-insurance companies
Fairfax India(4)
Canada6.6 %1,130.9 6.2 %1,117.2 (29.4)59.0 
Recipe(5)
Canada38.9 %447.7 38.4 %437.5 (48.4)28.5 
Dexterra Group(6)
Canada51.0 %121.4 — — 11.4 — 
Thomas Cook IndiaIndia33.1 %69.4 33.1 %93.8 (23.5)(186.2)
Fairfax Africa(7)
Canada— — 1.5 %195.6 (161.1)(41.4)
All other— 69.5 — 140.4 (36.6)(1.0)
1,838.9 1,984.5 (287.6)(141.1)
3,670.7 3,529.1 (181.0)(32.9)
(1)    On April 30, 2020 Allied World paid a dividend of $126.4 (April 29, 2019 - $126.4) to its minority shareholders (OMERS, AIMCo and others). On June 30, 2020 Allied World received a capital contribution from the company of $100.0 primarily to support its underwriting plans, which increased the company’s ownership interest in Allied World to 70.9% from 70.1% at December 31, 2019. During 2019 Allied World redomesticated from Switzerland to Bermuda.
(2)    On April 9, 2020 Brit paid a dividend of $20.6 (April 29, 2019 - $20.6) to its minority shareholder (OMERS). The decrease in carrying value of Brit's non-controlling interests during 2020 primarily reflected the company's acquisition of the remaining shares of Brit that it did not already own on August 28, 2020 from Brit's minority shareholder (OMERS) for cash consideration of $220.0, inclusive of an accrued dividend paid of $13.6 on the shares purchased, partially offset by a third party's investment of $124.4 in Brit's newly formed subsidiary Ki Insurance, a fully digital and algorithmically-driven Lloyd’s of London syndicate that commenced operations in the fourth quarter of 2020. Subsequent to December 31, 2020 the company entered into an agreement to sell an approximate 14% equity interest in Brit to OMERS as described in note 23.
(3)    Principally related to Fairfax consolidated internal investment funds held by the company's associates RiverStone Barbados and Eurolife. The increase in carrying value during 2020 primarily reflected the deconsolidation of European Run-off and its holdings in those funds as described in note 23.
(4)    The carrying value of Fairfax India's non-controlling interests increased modestly during 2020, primarily reflecting the deconsolidation of European Run-off and its investment in Fairfax India ($91.8) as described in note 23, partially offset by the non-controlling interests' share of Fairfax India's net loss ($29.4), the impact of share repurchases ($29.1) and the weakening of the Indian rupee relative to the U.S. dollar ($23.5). Net earnings attributable to non-controlling interests of Fairfax India in 2019 primarily reflected the non-controlling interests' 66.2% share of Fairfax India's share of a spin-off distribution gain at IIFL Holdings on May 31, 2019.
(5)    The carrying value of Recipe's non-controlling interests increased modestly during 2020, primarily reflecting the deconsolidation of European Run-off and its investment in Recipe ($54.1) as described in note 23 and the strengthening of the Canadian dollar relative to the U.S. dollar ($10.9), partially offset by the non-controlling interests' share of Recipe's net loss ($48.4).
(6)    The company acquired Horizon North (subsequently renamed "Dexterra Group") on May 29, 2020 as described in note 23.
(7)    Fairfax Africa was deconsolidated on December 8, 2020 as described in note 23. The non-controlling interests' share of Fairfax Africa's net loss ($161.1) during 2020 included the net loss on deconsolidation of Fairfax Africa ($33.2).
(8)    Non-controlling interests voting percentages are consistent with economic ownership in each subsidiary at December 31, 2020 except for Fairfax India and Recipe whose non-controlling interest economic ownership were 72.0% and 59.8% (December 31, 2019 - 66.2% and 52.1%). At December 31, 2019 Fairfax Africa's non-controlling interest economic ownership was 38.0%.
Schedule of capitalization
20202019
Retained earningsNon-controlling interestsRetained earningsNon-controlling interests
Third party's investment in Brit's newly formed subsidiary Ki Insurance— 124.4 — — 
Dividends paid to co-investors in Allied World and Brit
(107.2)107.2 (104.1)104.1 
Eurolife's investment in a Fairfax consolidated internal investment fund (note 6)— 93.7 — 22.1 
Boat Rocker issuance of preferred shares— — — 20.0 
Fairfax India and Fairfax Africa share repurchases
1.4 (32.1)1.7 (31.8)
Acquisition of Brit's non-controlling interest(17.8)(189.6)— — 
Thomas Cook India's spin-off of its investment in Quess
— — — (147.2)
Purchase of multiple voting shares from Recipe's non-controlling interests and Recipe's share repurchases
0.1 (0.3)(15.5)(105.5)
Other
7.0 7.0 8.8 6.6 
As presented in other net changes in capitalization in the consolidated statement of changes in equity
(116.5)110.3 (109.1)(131.7)