A year later , however , Watsa sensed an opportunity that was too good to ignore – one that ultimately made him his fortune .

Founding Fairfax Markel Financial was a small , struggling trucking insurance company when Watsa and fellow investors took control in 1985 . It was renamed as Fairfax Financial Holdings and , within a year , US $ 10 million worth of premiums had been transformed into US $ 60m .

Watsa has called this period “ totally fortuitous ” but , within just a few years , Fairfax had evolved into a global operation thanks to a series of what it calls “ fair and friendly ” acquisitions .

Today , the overall organisation , including subsidiaries , is primarily engaged in property and casualty insurance and reinsurance , as well as associated investment management . To date , cumulative premiums of more than US $ 230 billion have been written .

Watsa was conspicuous by his absence in the early years of Fairfax , barely making any public appearances and seldom agreeing to media engagements . He has participated in interviews more frequently in recent years , using them to highlight the immense opportunity on offer to young entrepreneurs in North America .

Similar praise has been reserved for India from an investment perspective , with Watsa labelling his home nation a land of “ unlimited possibilities ” as Fairfax invests heavily there .

A lasting legacy Prem Watsa has spoken of not knowing a thing about business when he was a young man . It ’ s fair to say he has learned a thing or two over the years .

To date , Fairfax Financial has written cumulative premiums of more than US $ 230 billion

Prem Watsa has an estimated net worth of US $ 1.3 billion

While calling his rise to the top a ‘ rags to riches ’ story might be a step too far , this selfmade billionaire has made a profound impact on the business community .

In recognition of his contributions to public life , Watsa was named a Member of the Order of Canada in 2015 and has also received India ’ s prestigious Padma Shri award .

Honouring his father ’ s legacy as an educator , he served as the ninth Chancellor of the University of Waterloo and is now the first-ever Chancellor of Huron University College , Ontario . Watsa has also sat on the advisory board of Ivey Business School , where he gained his MBA .

“ Treat others as we would like to be treated ourselves ,” is an ethos Fairfax continues to abide by . Even as he grows older , Watsa considers it his duty to uphold these values and use them to influence the next generation . businesschief . com 21