Prem Watsa | |
|---|---|
 | |
| 9thChancellor of theUniversity of Waterloo | |
| In office 2009–2014 | |
| Preceded by | Mike Lazaridis |
| Succeeded by | Tom Jenkins |
| President/Vice Chancellor | David Johnston |
| Chairman ofFairfax Financial Holdings | |
| Personal details | |
| Born | (1950-08-05)5 August 1950 (age 75) |
| Nationality | Canadian[1] |
| Alma mater | |
| Occupation | Businessman |
V. Prem WatsaCM (born 5 August 1950) is anIndian-Canadian billionaire businessman who is the founder, chairman, andchief executive ofFairfax Financial Holdings, based inToronto.[2][3][4][5]
V. Prem Watsa[6] was born inHyderabad,India. He attendedHyderabad Public School and theIndian Institute of Technology Madras[7][8] where he graduated with a degree in chemical engineering. He later moved toLondon, Ontario, and went to theRichard Ivey School of Business at theUniversity of Western Ontario, where he earned anMBA. Watsa left India withUS$8, sold furnaces and air conditioners to financially support his university education.[dubious –discuss][9] He is a distinguished alumnus ofIIT Madras.[8]
After graduating, Watsa worked for the insurance companyConfederation Life. In 1984, he started an investment firm with his former boss Tony Hamblin, called Hamblin Watsa Investment Counsel.[8] In 1985, Watsa took over Markel Financial, a small Canadian trucking insurance company that was verging on bankruptcy,[9] and renamed itFairfax Financial Holdings.[8] He helped grow the company, where it reached annual revenues of $8 billion a year in 2012.[8] Despite his success, he largely stayed out of the public eye, only beginning to hold investor conference calls in 2001.[8][9] He has been called the "CanadianWarren Buffett."[10][11]
On 22 January 2012, it was reported he was to be appointed to the board of directors ofResearch In Motion (RIM) in the company's largest ever corporate shakeup. Watsa resigned in August 2013, but kept his investment in the company. On 23 September 2013,BlackBerry announced that it had signed a letter of intent to be acquired byFairfax Financial Holdings in a $4.7 billion deal.[12] Fairfax Financial Holdings is "the largest insurer of the for-profit bail industry in the U.S."[13]
In April 2017, Watsa brought attention to concerns of a real estate bubble inToronto. He asserts that most Canadian banks cannot survive a 50% drop in the value of real estate. "It's going to come down, and a lot of people are going to get hurt" said Watsa during Fairfax's annual general meeting.[14]
He is a member of the Board of Trustees ofThe Hospital for Sick Children, a member of the Advisory Board for the Richard Ivey School of Business, a member of the Board of Directors of theRoyal Ontario Museum Foundation, and Chairman of the Investment Committee of St. Paul's Anglican Church.
In June 2009, he was appointed as the ninth chancellor of theUniversity of Waterloo.[15]
In September 2017, he was elected as the first chancellor ofHuron University College.[16]
He was named aMember of the Order of Canada in 2015.[17] Watsa was inducted into the Canadian Business Hall of Fame in 2024.[18]
He was awarded the fourth highest civilian award of India,Padma Shri, in January 2020.[19][20][21]
{{cite web}}:Missing or empty|title= (help)| Faculties |  | |
|---|---|---|
| Schools | ||
| University colleges | ||
| Satellite campues | ||
| Organizations | ||
| Student life | ||
| Athletics | ||
| Chancellors | ||
| Presidents | ||
| Other | ||
| International | |
|---|---|
| National | |
