Canadian billionaire Prem Watsa says Fairfax will focus on internal growth at key insurance business

Canadian billionaire Prem Watsa told shareholders of Fairfax Financial Holdings Ltd on Thursday that the company will focus on internal growth at its key insurance business and step up efforts to boost its stock price by focusing on investment returns.

He said Fairfax was de-emphasizing acquisition-driven growth, but assured shareholders that would not limit the company’s overall performance.Watsa nonetheless defended some of Fairfax’s core holdings, which include BlackBerry Ltd and Greek lender Eurobank Ergasias SA, and told shareholders to be patient and ignore the short-term stock market fluctuations and focus on the long-term performance.

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