Odyssey Re Delays 2Q Filing

August 11, 2006

Odyssey Re Holdings Corp. has filed a notice with the Securities and Exchange Commission that it will delay the filing of its Quarterly Report on Form 10-Q for the second quarter of 2006.

In connection with its previously announced restatement of its financial results for the years 2001 through 2005, and the three months ended March 31, 2006, the company said it requires additional time to ensure that it has identified and reviewed all investments that would be subject to the restatement. The company expects that there will be investments with embedded derivatives in addition to those previously identified that will be required to be restated, but does not expect these items to change shareholders’ equity. It is possible that further adjustments will be made to the company’s financial results.

The company expects to file its quarterly report within the next 30 days.

Odyssey Re Holdings Corp. is an underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. OdysseyRe operates through its subsidiaries, Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Clearwater Insurance Company and Newline Underwriting Management Limited. The company underwrites through offices in the United States, London, Paris, Singapore, Toronto and Latin America. Odyssey Re Holdings Corp. is listed on the New York Stock Exchange under the symbol ORH.

Source: Odyssey Re

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