Odyssey Re Holdings Corp. Files Registration Statement

Business Wire, August 8, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 8, 2002

Odyssey Re Holdings Corp. (NYSE and TSX: ORH) today filed a registration statement on Form S-3 with the Securities and Exchange Commission for the resale by selling securityholders of previously issued 4.375% convertible debentures due 2022 and the shares of common stock of OdysseyRe into which the debentures are convertible.

The convertible debentures were originally issued in private placements on June 18, 2002 and June 20, 2002, in an aggregate principal amount of $110 million. The filing of this registration statement is required by the registration rights agreement between OdysseyRe and the initial purchaser of the convertible debentures.

Further, the registration statement, upon being declared effective by the Securities and Exchange Commission, will enable OdysseyRe to offer additional securities, including debt and equity securities, warrants, stock purchase contracts and units, from time to time, having an aggregate value of up to $290 million.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective absent an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

OdysseyRe is a leading U.S.-based underwriter of property and casualty reinsurance on a worldwide basis, with principal locations in the United States, London, Paris, Singapore, Latin America and Toronto. OdysseyRe is rated "A" by A.M. Best and "A-" by Standard & Poor's.

Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: the occurrence of catastrophic events with a frequency or severity exceeding the Company's estimates; the lowering or loss of one of the Company's financial or claims-paying ratings, including those of the Company's subsidiaries; changes in interest rates; changes in premium volumes; increased competition; regulatory and legislative changes; changes in loss payment patterns; changes in estimated overall adequacy of loss and LAE reserves; changes in key management personnel; changes in general market or economic conditions; and other factors which are described in the Company's filings with the Securities and Exchange Commission.