OdysseyRe Completes Sale of Preferred Shares

October 24, 2005

OdysseyRe Holdings Corp. announced that it has completed the previously announced sale of $100 million of its preferred shares (See IJ Website Oct. 18).

OdysseyRe said it "has sold 2,000,000 8.125 percent series A preferred shares, with a liquidation preference of $25.00 per share, and 2,000,000 floating rate series B preferred shares, with a liquidation preference of $25.00 per share. Net proceeds to OdysseyRe were approximately $97 million.

"A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. The offerings were made pursuant to prospectus supplements to the registration statement on file with the SEC."