Prem Watsa, chairman and CEO of Fairfax Financial Holdings Ltd., will be the next chancellor of the University of Waterloo.

Watsa will assist Waterloo, Ont.-based institution in its mission to become one of North America’s premier universities, with international academic programs and exchanges that reach around the world.

Watsa’s appointment was approved by UW senate earlier this week and he will begin his term as chancellor, succeeding RIM founder and co-CEO Mike Lazaridis, on May 1, 2009.

The chancellor presides over all convocation ceremonies, conferring degrees, diplomas and certificates on graduating students. The chancellor also serves as a leading ambassador for the university.

“I look forward to working with students, faculty and staff in whatever small ways I can to help the university achieve its ambitious plans for the coming decade,” says Watsa.

Watsa brings to the position considerable international experience as well as a strong belief in the value of supporting students and community. The university’s sixth decade plan, which took effect last year, calls for a focus on the undergraduate student experience, a growing of grad studies and an expansion of UW’s international reach that will include the opening of two campuses abroad.

“Prem Watsa is a remarkable human being, a family man and a strong believer in Canada with an international outlook,” says UW president David Johnston. “This outstanding and self-made leader demonstrates integrity and, as such, reflects the qualities the university embraces and tries to encourage amongst our students.”

Watsa was born in Hyderabad, India in 1950. He earned a bachelor’s degree in chemical engineering from the Indian Institute of Technology in 1971. He moved to Ontario the following year and later earned an MBA from the University of Western Ontario.

His professional career began at Confederation Life Insurance Co. in Toronto and he served as vice-president of Confederation Life Investment Counsel from 1974 to 1983. He then served a year as vice-president of start-up firm GW Asset Management.

Watsa co-founded Hamblin Watsa Investment Counsel Ltd. (now fully owned by Fairfax) in 1984. The next year he took control of Markel Financial Holdings Ltd. In 1987, he re-organized Markel and renamed it Fairfax.

Fairfax is currently working with UW to create a one-year professional master’s program in actuarial science at UW, for launch in fall 2009.