Odyssey Re Increase Storm Loss Estimates

April 4, 2005

Odyssey Re Holdings Corp. announced that it expects after-tax net losses in the range of $26 million to $29 million during the first quarter of 2005.

The increase is attributable to losses from Windstorm Erwin and an increase in previously estimated losses from the Florida Hurricanes, Typhoon Songda and the Indonesia earthquake and resulting tsunami that occurred in December 2004.

“This amount includes after-tax net losses in the range of $12 million to $14 million attributable to Windstorm Erwin, which hit Northern Europe in January 2005,” said the announcement. ”

The company added that the estimates are “based on currently available information and actual losses may vary from estimated losses as additional information becomes available.”

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