Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announced on September 28, 2026 that the Toronto Stock Exchange has accepted its notice to commence a new Normal Course Issuer Bid covering both Subordinate Voting Shares and Cumulative 5-Year Rate Reset Preferred Shares, Series K (TSX: FFH.PR.K). The bid, which runs from September 30, 2026 to September 29, 2027, authorises repurchases of up to 10% of the public float for each share class. Fairfax also disclosed an accompanying Automatic Share Purchase Plan to enable purchases during regulatory and internal trading blackout periods. Investors may be watching how aggressively the company deploys the new programme given its repurchase activity under the prior bid.

Key Points

  • Fairfax Financial Holdings Limited (TSX: FFH and FFH.U)
  • TSX has accepted Fairfax's notice to commence a new NCIB covering Subordinate Voting Shares and Series K Preferred Shares, effective September 30, 2026
  • Maximum purchases capped at 2,025,315 Subordinate Voting Shares and 950,000 Series K Shares; prior bid saw 1,593,566 Subordinate Voting Shares repurchased at a volume-weighted average price of Cdn.$2,280.87
  • Investors should watch utilisation rates under the new NCIB and any purchases executed via the newly established Automatic Share Purchase Plan

Fairfax NCIB Purchase Limits and Share Classes Covered

Under the new NCIB, Fairfax's board of directors has approved the purchase of up to 2,025,315 Subordinate Voting Shares, representing approximately 10% of the public float, with a daily purchase limit of 15,137 shares. For Series K Shares, the programme allows up to 950,000 shares, also representing approximately 10% of the public float, with a daily limit of 2,226 shares. These figures are based on securities outstanding and public float data as of September 16, 2026. Subordinate Voting Shares repurchased will be either cancelled or reserved for share-based payment awards, while Series K Shares will be cancelled.

Prior NCIB Activity and Volume-Weighted Average Repurchase Price

Under its existing normal course issuer bid, Fairfax had received TSX approval to purchase up to 2,187,316 Subordinate Voting Shares, among other share classes. The release states that 1,593,566 Subordinate Voting Shares were repurchased through open market purchases over the last twelve months at a volume-weighted average price of Cdn.$2,280.87 per share. Fairfax disclosed that no preferred shares were purchased under the existing bid. The new programme supersedes that arrangement as it approaches expiry.

Automatic Share Purchase Plan Enables Blackout-Period Buying

Concurrent with the NCIB, Fairfax has entered into an Automatic Share Purchase Plan with a designated broker. The ASPP, effective September 30, 2026, is designed to allow share repurchases during internal trading blackout periods when Fairfax would otherwise be restricted from market activity. During such periods, the broker exercises sole discretion over individual purchase decisions within parameters set by Fairfax in advance. Outside blackout periods, Fairfax retains full discretion over repurchase timing. The ASPP terminates when NCIB limits are reached, the bid expires, or Fairfax elects to end the plan.