Fairfax declares annual dividend

Toronto-based Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of US$1.40 per share on outstanding multiple and subordinate voting shares. The dividend is payable on January 28, to shareholders of record on January 14, a company release states. For non-residents of Canada, the applicable Canadian withholding tax will apply.Fairfax began a policy of paying a modest annual dividend in 2001, and the 2004 dividend matches that paid in 2003.Fairfax recently reported third quarter earnings down significantly as a result of the four major hurricanes which devastated the Southeast U.S. in late summer and early fall. For the first nine months of 2004, the company reported a net loss of US$23.4 million, with third quarter results taking a US$127.7 million hit from storm-related losses (including the U.S. hurricanes, as well as the Peterborough, Ontario flood and hailstorms in Western Canada).