Fairfax Financial Holdings Ltd. reported late Tuesday that it has realized more than $425 million in pre-tax gains, mostly from the sale of bonds.

The holding company for property, casualty and life insurance, said the gains come from the investment portfolios of its insurance, reinsurance, and spin-off companies.

Fairfax, which said it may realize further gains this quarter, will announce its second-quarter results after the close of markets on July 31, 2003, one day earlier than previously announced.