Fairfax Financial Holdings Ltd. is reporting a huge loss for the third quarter ended September 30.

The net loss for the quarter was $458.3 million compared with $22.1 million last year. Net loss per share for the quarter was $35.23 this year compared with $1.93 last year.

The company says the loss was due mainly due to Fairfax’s $131.1 million after-tax exposure to the World Trade Center losses in September.

In a separate release, the financial services holding company said it will issue 1.25 million shares at $200 apiece in a private placement to be used to increase cash, short-term investments and marketable securities at the holding company.