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    Stephen Boland

    Managing Director and Equity Research Analyst at Raymond James

    Stephen Boland is a Managing Director and Equity Research Analyst at Raymond James, specializing in diversified financials with two decades of sector expertise. His coverage includes a range of Canadian diversified financial companies, providing in-depth research and analysis that supports both institutional and individual investors; although specific performance metrics and rankings are not publicly disclosed, he is recognized for his long-standing track record in equity research. Boland began covering the sector over twenty years ago and joined Raymond James in April 2020, bringing extensive experience from prior roles in the financial industry. He holds senior credentials as a Managing Director and is noted for his expertise in the Canadian financial landscape.

    Stephen Boland's questions to FAIRFAX FINANCIAL HOLDINGS LTD/ CAN (FRFHF) leadership

    Stephen Boland's questions to FAIRFAX FINANCIAL HOLDINGS LTD/ CAN (FRFHF) leadership • Q1 2025

    Question

    Stephen Boland asked whether the significant losses from the California wildfires would prompt Fairfax to reconsider its reinsurance coverage strategy.

    Answer

    Peter Clarke, President and COO, stated that the wildfire loss, though significant, was within the company's risk appetite. He explained that Fairfax prefers to take its catastrophe exposure on the reinsurance side for better control and measurement. Clarke highlighted that the ability to still post an underwriting profit demonstrates the strength and scale of their global insurance operations.

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    Stephen Boland's questions to FAIRFAX FINANCIAL HOLDINGS LTD/ CAN (FRFHF) leadership • Q1 2025

    Question

    Stephen Boland asked if the significant losses from the California wildfires would prompt Fairfax to reconsider its reinsurance coverage strategy.

    Answer

    Peter Clarke, President and COO, explained that the loss, while from a significant event, was within the company's risk appetite and expected range. He emphasized that Fairfax prefers to take its catastrophe exposure on the reinsurance side, which it finds easier to control. He noted that still producing an underwriting profit demonstrates the strength and scale of their global operations.

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    Stephen Boland's questions to CI Financial (CIXXF) leadership

    Stephen Boland's questions to CI Financial (CIXXF) leadership • Q1 2024

    Question

    Asked about the sequencing of raising debt and making acquisitions at Corient, and whether the capital restructuring process had caused them to miss any M&A opportunities.

    Answer

    A debt raise at Corient would not necessarily signal an imminent or specific acquisition; it could be for general purposes. The capital structuring process has not prevented any deals; the focus has been on finalizing the separation and integration, and there were no must-do deals that were passed up.

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    Stephen Boland's questions to CI Financial (CIXXF) leadership • Q1 2024

    Question

    Stephen Boland followed up on M&A funding, asking whether CI Financial would raise debt at Corient before an acquisition is announced or simultaneously. He also questioned if the ongoing capital restructuring had caused the company to pass on any attractive acquisition opportunities during the quarter.

    Answer

    Executive Kurt MacAlpine stated that a debt offering at Corient would not necessarily be tied to a single, specific deal and could be used to fund future opportunities. He clarified that the capital structuring process did not cause them to miss any desired acquisitions. The priority has been finalizing the business separation and integration model, which is now complete and allows for efficient, day-one integration of new firms.

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    Stephen Boland's questions to CI Financial (CIXXF) leadership • Q4 2023

    Question

    Sought clarification on the mechanics of raising debt for the U.S. entity, the process for removing debt covenants, and the strategy for balancing the buyback of long-term versus short-term debt.

    Answer

    The company has a clear path to separate the U.S. and Canadian debt stacks, either through a consent process to alter covenants on a small portion of debt or by borrowing at the parent level temporarily. Debt buybacks will be dynamic, targeting tranches that offer the most value, and they view their long-dated debt as a significant asset that allows for flexible and rapid deleveraging.

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