Take context from the input text and decide on the accurate relationship between 'Fairfax Financial' and 'Prem Watsa' from the options provided.
Options: location of formation, parent organization, owned by, legal form

"Given the volatility of the market, combined with the capital-intensive nature of the business, we believe that APR Energy would benefit from a period as a privately held company as it seeks financial stability," Fairfax Financial Chairman and Chief Executive Prem Watsa said in a statement.
owned by