OdysseyRe Delays Filing of 2005 10-K

March 17, 2006

Odyssey Re Holdings Corp. intends to file a notice with the Securities and Exchange Commission that it will delay the filing of its 2005 Annual Report on Form 10-K. In connection with its previously announced restatement of its financial results for the years 2001 through 2004, and the nine months ended September 30, 2005, the Company requires additional time to complete the year-end process. The Company expects to file its 2005 Annual Report on Form 10-K in the next 30 days.

Odyssey Re Holdings Corp. intends to file a notice with the Securities and Exchange Commission that it will delay the filing of its 2005 Annual Report on Form 10-K. In connection with its previously announced restatement of its financial results for the years 2001 through 2004, and the nine months ended September 30, 2005, the Company requires additional time to complete the year-end process. The Company expects to file its 2005 Annual Report on Form 10-K in the next 30 days.

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