Odyssey Re to Buy OPL’s Opus Re

July 6, 2004

Odyssey Re Holdings Corp. announced that it has entered into a stock purchase agreement with Overseas Partners Ltd. to acquire all of the capital stock of Overseas Partners US Reinsurance Company (Opus Re), a Delaware domiciled P/C reinsurer, for $43 million.

“Prior to its previously announced exit from the U.S. reinsurance business, Opus Re had underwritten business primarily in 2001 and 2002,” said the bulletin. “At March 31, 2004, Opus Re had total assets of approximately $248 million and loss reserves of $161 million.”

Odyssey Re said it expects the transaction, which is “subject to customary closing conditions, including the receipt of regulatory approvals,” to close on or about September 30, 2004.

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