Who will be next lead at Fairfax? Prem Watsa reveals succession plan in new book; wants to ‘die knowing the companies will never be sold’
The revelation features in The Fairfax Way, an upcoming book by author David Thomas, whose draft was shared with ET before publication. Watsa, 75, built Fairfax from a modest insurance firm in Toronto in 1985 into a financial giant managing $100 billion in assets.
The company’s stock, listed on the Toronto Stock Exchange, has climbed fourfold since October 2022, marking one of the strongest growth phases under his leadership. Known for his long-term, value-driven investment philosophy often compared to that of Warren Buffett, Watsa has ensured Fairfax’s place among the world’s major financial houses.
Though smaller than Berkshire Hathaway, Fairfax’s market capitalisation of around $35 billion ranks it alongside leading American insurers and private equity players. India has remained central to Fairfax’s growth story.
The group has channelled about $7 billion into the country, investing in a diverse portfolio that includes controlling stakes in Bengaluru International Airport, GoDigit Insurance, Thomas Cook India, Quess Corp, and CSB Bank.
It is also viewed as a possible bidder for IDBI Bank, which the Indian government plans to sell. In the book, Watsa acknowledges that the succession plan is designed to ensure stability and uphold the company’s distinctive ethos.
“I have absolutely no plans to step away from the company, but it’s important that shareholders and the company know there is a plan for continuity, and to promote the culture of the ‘Fairfax way.’ It’s not like I will be ruling from the grave, but I will die knowing the culture will continue to flourish and the companies will never be sold,” he says. Hyderabad-born Watsa moved to Canada in the 1970s, following in the footsteps of his elder brother.
His father, a respected educator and principal of Hyderabad Public School, encouraged the move — a decision Watsa initially resisted.
“I had zero desire to leave India.
But at age 22, you listen to your dad,” he recalls in the book.
The same school also counts Satya Nadella, Ajay Banga, and Shantanu Narayen among its distinguished alumni. Ben Watsa, 46, has been associated with Fairfax for over a decade, joining its board in 2014.
He runs Marval Capital, a fund management company that invests solely in Indian equities.
Under his leadership, the Marval Guru Fund has delivered a remarkable 30% annualised return over five years, topping Canada’s institutional fund rankings with a corpus of $400 million. The next generation of the Watsa family is already involved in Fairfax’s governance.
Alongside Ben, Watsa’s daughter Christine McLean has been a member of the company’s board since 2018, while another daughter, Stephanie, remains outside the corporate fold. Published by Penguin Random House, The Fairfax Way features insights from Watsa’s close associates and long-time executives, tracing his journey from Hyderabad to the helm of a $100-billion enterprise.
